How to keep your tenants

July 1, 2012

Landlords Insurance

If you were to ask a selection of landlords what they considered to be the critical success factor for their business, you probably wouldn’t be too surprised if the majority of them felt that finding good tenants for their property is key.

That may only be part of the story though because it may be just as important for a landlord, once those good tenants are found, to hold on to them for as long as possible:

  • finding tenants for your property may involve a fair bit of time and effort on your part – interviews, credit and reference checks, all take time but are essential if you wish to avoid trouble further down the line;
  • before you even start the letting process, you may wish to carefully consider the type of tenant that you are trying to attract. Some categories of tenant may be looking for a certain level of comfort and amenity, though remember that if you upgrade your property or its contents do get a let property insurance quote to reflect the increased value;
  • when drawing up your advert don’t do yourself down but equally don’t be tempted to be anything other than truthful. If you advertise your property as being quiet and peaceful for example but forget to mention the plans for the new one way system that is going to route more traffic down your street, then you may see your tenants moving out more quickly than anticipated;
  • you may have worked hard to get your property into tip top condition to give the best impression to prospective tenants but it is equally important to maintain this standard if you wish them to stay long term;
  • attending quickly to tenants’ requests for fixes and maintenance can also help. Not only may this help to nip in the bud any problems, which may deteriorate if left unfixed, your tenants may appreciate a landlord who puts their comfort and safety first;
  • having a formal tenancy agreement in place may seem a bit over the top in some letting situations. Having a document that sets out roles and responsibilities for both landlord and tenant may help reduce the opportunity for misunderstandings and help avoid disagreements and disappointment.

You may have invested substantial time and effort in finding your ideal tenants and understandably you may not wish to repeat that selection process on a regular basis. If you establish a good relationship with your tenants and ensure as far as possible that your property is well maintained, you may help encourage them to stay put.

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