News How to find and importantly keep, a good long term tenant
Published by Ben on 8th May, 2017
A good tenant is often the most important thing for a landlord. When you have a good tenant in place who pays on time and in full every month, and who doesn’t cause problems around the home, being a landlord can seem very easy. However, if you have a tenant that doesn’t pay on time or causes problems, it can seem as though being a landlord isn’t worth the time or hassle.
This is why landlords should be looking for good tenants and there are clear steps you can take to have these people in your property. These are steps on how to find and importantly keep, a good long term tenant.
Know which type of tenant you are looking for and where to find them
It is likely that there will be tenants who are more likely to want to rent your property but you need to think about the style of tenant who is best for you. If you can appeal to these tenants, these are the tenants you should go after and there are ways to find the right tenant. You can present or stage the property in a manner that appeals to the sort of tenant you are looking for. There will also be sites or places where these tenants are more likely to look for property, and you should tailor your promotion to meeting the expectations of these tenants.
The right price is crucial in finding the right tenant and it may be that pricing above the average value for property in your area will be of benefit. It can be of benefit because it helps you to bring in more money but it can also be of benefit because it may make your home attractive to the right tenant and less attractive to the wrong tenant.
Pricing is a hugely important factor to consider and this is something you should give serious thought to. Make sure you know the average prices for the sort of property you have on the market and discuss what pricing strategy you should pursue.
Thoroughly vet tenants
One of the most important steps you can take when looking for a good tenant is to vet them. While you cannot predict the future, looking at the past record and financial status of a tenant is likely to provide you with information that will allow you to make a judgment on whether a tenant is likely to take good care of your home.
If you aren’t comfortable in vetting tenants or you are not sure where to begin, you’ll find that many estate agents or property management specialists will be more than happy to help you out.
Get everything in writing
One of the best things you can do as a landlord is get everything agreed upon and get everything in writing. A great example of this would be at the stage when a tenant moves in, have an independent professional undertake an inventory and then provide the list to both parties. This should help to minimise any disagreement that may arise at a later date.
Lay out the ground rules as clearly as you can
As a landlord, you should look to remove all grey areas, because disagreements cause friction and may leave a tenant feeling as though they are not valued or welcomed. If you lay out the ground rules in a fair manner, you’ll find that good tenants will accept this and take this as a platform for how they behave in the property.
Treat the tenant with respect
Something that many landlords overlook, forget or just don’t think about is that they should treat the tenant with respect. The landlord is providing a service, which the tenant is paying for, and this means the tenant is a customer that deserves the sort of respect any customer would. A landlord should be professional and business-like in all of their dealings and this will help to make the tenant feel at home.
Reward their loyalty
The costs and hassle of re-advertising a property, the costs of a void property and the repeated risks of finding a poor standard of tenants means that landlords should do everything they can to make the tenant feel at home. The costs of offering a bonus or reward to tenants who are loyal will often be much more affordable than the costs associated with getting a new tenant in, so make sure that you give this serious consideration.
Offer them additional services
It may be that you can offer additional services that will appeal to your tenant. A simple service like collecting parcels that come in the mail or laundry service can increase your rental yield but they can also make a tenant feel more at home. Offering additional services that a tenant may not get elsewhere may make all the difference
The benefits that come from having a good tenant in place are worth pursuing for any landlord.