Many landlords-to-be – as well as more established landlords – feel uneasy when letting out their property. Building a positive landlord-tenant relationship can help both parties have a better experience. In fact there’s no doubt that a positive relationship with your tenants helps to keep them happy and can also encourage them to renew their contract with you, and ensure they take better care of your beloved property. Here are our top 10 tips for getting started if you are a lettings-only landlord and are not using a Property Management service.
1. Communicate your requirements via your agent ahead of day 1 – When a tenant is moving in, they have often been with a different landlord or estate agent. Therefore, it is important to communicate and establish the rules of your house in a friendly manner before the move-in date. Using your agent to communicate your desires early on can avoid any tensions further down the line, for example if they wish to adopt a pet or decide to re-decorate. Discuss with your agent about adding certain requirements to your Tenancy Agreement.
2. Provide a reliable point of contact – If you’re managing the property yourself, supply the contact details for youself and a trusted deputy so that you can quickly and efficiently deal with any issues that may arise. Keep in mind, though, that you should be readily available to handle queries; if you’re not prepared to take calls on holiday or after hours, then a Property Manager can relieve all of this stress and keep your tenant satisfied, too.
3. Employ a third party to collect rent – One of the biggest stressors of being a landlord is collecting rent on time. Obviously if your tenant neglects to pay for even a month, this can have big implications on your mortgage payments and credit rating score. To avoid damaging your relationship with your tenants and to limit the time it takes you to chase payments, make sure your estate agent offers a rent collection service to take care of this process for you. To give you an example of how effective this can be, Foxtons has a track record of collecting 99% of rent owed, removing the headache for its landlords all over London and the Home Counties.
4. Be their guide – Leaving your tenant with a handy guide of their new home and area will help them out immensely in the first few, often stressful, weeks. Include instructions on: how to operate any kitchen equipment (with manuals if you have them); how to turn the heating on and off; and how the shower works as a basic minimum. Information on local amenities such as supermarkets, doctors and dentists, and your favourite restaurants and cafes in the area can also be a big help.
5. Be courteous – If you have any maintenance repairs on the property or another need for yourself or a contractor to enter, make sure to let your tenant know in plenty of time and ask when is most convenient for them. This should never be a shock to them, and they are likely to be more understanding if you have given advanced warning of at least 48 hours (although technically no less than 24 hours).
6. Continue to invest – Continuing to invest in your property will also not only raise its value and help you to attract tenants more readily, but in some cases repairs are deductible expenses for landlords. Your current tenants will be delighted, too!
7. Respond to property issues quickly – Resolving issues quickly will improve the relationship and trust between your tenant and you, as their landlord. If you find that you are unable to respond to requests for emergency repairs as rapidly as you should be able to, or have difficulty finding available and reliable contractors, consider hiring the help of a Property Management service who, with your permission, can help execute repairs quickly and efficiently.
8. Be flexible – If you’ve found good tenants, you’ll likely want to hold on to them! If they’re requesting a fix or change in the contract in order for them to renew, it may pay off to be flexible in your negotiations.
9. Offer a longer tenancy – With over 30% of London households now renting (a number that only looks set to increase), many tenants crave the security of being able to stay in a property knowing that they can be there long term. If you’ve found high quality tenants, then consider offering to sign a longer tenancy with them. This will give them a sense of security while also reducing your risk of a void period in between tenancies.
10. Consider using a Property Management service – This could help you to both reap maximum rental returns on your property (because many tenants insist on renting managed properties and may be prepared to pay more for this) and result in happier tenants. Both your property and tenant will be cared for 24/7 as both general day-to-day management and more complex issues such as emergency repairs, collection of rent, transfer of utilities and much more are taken care of.
There you have it – 10 tips to ensure that your relationship with your tenants is as smooth as possible. If the thought of becoming a first-time landlord and renting out your property is still a little overwhelming though, don’t worry - help is at hand! Our Property Management service provides complete peace of mind to thousands of landlords across London and the Home Counties by ensuring that every aspect of the experience runs hassle-free for you. Get in touch today to find out how we can help you in successfully letting out your property.
