Discussions over tenancy renewals usually occur three months before the end of a rental contract; nowadays however, tenants are beginning to think much further in advance, many even up to a year!
Tenants are after value; some may be renting the same property for a few years, but gradually become a bit smarter when it comes to the ever changing market and rental price inflation.
So with tenants becoming savvier about the market, landlords need to make sure they take the necessary measures to not only attracting good tenants, but keeping them as well.
Create an open dialogue
As a landlord, you should aim to be approachable and act fast should any issues arise in your rental property. This also means staying on top of general maintenance issues and dealing with them efficiently as well.
You could consider instructing a property management company to act on your behalf should you prefer to stay in the background. Find out more about how haart can help you as a landlord.
Imagine yourself as a tenant
It’s easy for landlords to be completely focused on their own tasks, but consider having a look at your competition and think about what your tenants might see when they look elsewhere. Also consider upgrading on fixtures and fittings. Cheap fittings aren’t hard to spot and if your tenants are looking to rent long term, they’ll expect a certain standard and could look elsewhere.
Be open to feedback
Place some trust in your agent; they can offer expert advice that could really be of some use. They are always up to date on the current market, as well as the needs and wants of tenants.
Stay flexible with the rent
There could be a long term benefit in decreasing the rent (in the short term). You might have a tenant who makes an offer come renewal time, whilst it can be surprising, be cautious not to make a snap decision with this. Keep a realistic head, since the market is always subject to change; something like this might be beneficial, especially if it can prevent a potentially expensive void period.
Are there any tips above that you’ve taken on board as a landlord? Let us know on Twitter @haart_uk!