Landlords: What Attracts & Keeps Long Term Tenants?
Whether you are a well seasoned landlord or a total newbie, it can be hard to know your best route to securing good, long term tenants. Any landlord with a large portfolio, or a single property landlord, will know there is always an element of tenants coming and going over the years. So, what can you do in order to maximise your chances of attracting and keeping long term tenants?
Review & Invest In The Appearance.
The first thing you need to really think about is, does my property look the part, do I feel proud of how it shows and would it be somewhere I would be happy to live long term? If the answer to any of those questions is no, you need to think about what you can do to change this. Think about the kind of space you have and if it could do with a touch of paint, and if so, which colour palettes would be best suited to the space? Could you invest in upgrading the fit out of the kitchen and bathroom? Does the furniture need an upgrade, or does it need throwing out completely? We highly recommend consulting a second party for their opinion. This does not always have to be a paid service, it can be a close friend who has knowledge of interior design. It could also be the agent you wish to instruct.
Remember, the appearance will be the key driver for attracting long term tenants on portals. When applicants are instantly able to feel ‘at home’ in a property, or envision themselves living there, the chances of them having long term views increase. Bonus points for mod cons in the kitchen- a regular ‘dealbreaker’ is no bath, no dishwasher, etc. For some of our best tips on how to improve the appearance of your property, click here. (will insert link to blog about making property attractive to tenants when posted)
Invest In Property Management.
There is no doubt that sometimes we all feel like we can do a better job doing it ourselves. However, this may not be the case for property management, and I'll tell you why. The private rental sector becomes more regulated, reviewed & refined with each year. Whilst this is mainly in place to deter rogue landlords, anti-social behaviour and increase the ease & security of renting for tenants, it makes self managing tricky to navigate if you don’t know where to start. As such, a property management company becomes more desirable and necessary as more regulation comes in.
Property management services are responsible for the communication (both landlord and tenant), compliance, upkeep and general maintenance of the property. Tenants tend to have a strong preference for properties that are professionally managed for many reasons-
- Maintenance issues are resolved faster with more efficiency
- They have a round the clock emergency contact
- A quicker response time to initial reports of maintenance
- Property managers are able to remotely fix issues without a contractor having to attend due to their wealth of knowledge.
- Having a neutral point of contact for any negotiation can take out the ‘personal’ factors.
- A property manager is up to date with all of the latest regulation changes that may affect tenants.
The above are just some of the reasons that tenants prefer property management services. At base, we have a tried and tested network of contractors who have a customer service centric approach and some of the most competitive rates going. As a result of this, maintenance issues are accurately diagnosed, solved quickly & with little to no hassle. This is reflected and praised by our tenants when we receive feedback or reviews. In addition to the above, base property management services also include a ‘Maintenants’ service, giving tenants life skills in order to live in & maintain the property. This is merely a taster of the services base can provide to landlords. Click here to find out more about our property management services. - https://www.baseps.co.uk/let-managed
After all, your property is your biggest investment, so choosing a property management service should be carefully considered and reflect this. In lieu of choosing a managing agent that best suits your needs, we previously published a blog on what to look for in a letting agent, click here to view this. https://www.baseps.co.uk/rental-blog/east-london-letting-agents-a-basic-guide-for-landlords/100057#
Why not consider accepting tenancies with pets? It is easy to dismiss this, however, do consider how many people could be renting in the future, and how many of these people will struggle to find a place to keep their beloved pets. There are also echoes from the government regarding landlords being mandated to accept pets, so now could be a great time to start.
It has been proven that tenants with pets typically stay longer as a result of the hardships of finding pet friendly accommodation. As an agency, we have had only a handful of issues with pet friendly tenancies in 16 years. Mainly, this comes from tenants not declaring pets, rather than the actual pet itself. If you have the ability to do so, you could even arrange to meet the prospective new tenant and their pet.
At base, we offer landlords protecting against pets by issuing a ‘Pet Rider Agreement’ which states the tenant agrees to-
- Repair and make good any damage caused by the pet
- Accept responsibility for ensuring the appropriate measures are in place so that the pet does not cause nuisance to neighbours i.e. the pet will not be left for prolonged periods of time during the day where it can cause noise nuisance
- Ensure that the pet is kept clean and free of any mites, fleas or ticks with the appropriate treatments
The above is just a brief summary of the document we ask pet friendly lets to sign. By allowing pets, you open yourself up to a much wider market and could take on some fantastic tenants that, because they have a cat or dog, wouldn’t otherwise be able to find somewhere to rent.
A landlord's former home tends to rent better than a standard ‘buy to let’ investment property that you have not lived in. Why? Because a lot of thought has been given to practicalities of storage and extra elements that can enhance your stay there. These things aren't always obvious at first- but these are the things that when missing/wrong frustrate a tenant during their stay causing them to leave. Environmentals are really important to ‘making a house a home’, so have a think about lighting, temperature, any noise impact and how you could improve the properties 'liveability’.
The above tips are just a small handful of what helps you to attract & maintain long term tenants. Any good managing agent will be able to guide you smoothly through your options & assist with any blank or grey areas. If you are a landlord looking to rent out your property long term, you can approach us here. We would be delighted to assist. - https://www.baseps.co.uk/contact-us