Her Majesty’s Revenue and Customs (HMRC) data revealed that the UK’s total landlord population now exceeds 2.65 million. If you own rental property, you will agree that vacant units are one of the biggest threats to your business. Vacant units may be due to high tenant turnover, so it is crucial to develop a great relationship with your renters, especially the best ones. Happy tenants are key to your success as a property owner since they typically pay their rents promptly, report damages, and live harmoniously with other renters.
Below are some of the best ways to keep your tenants happy.
Set Expectations through Tenancy Agreements
Renting out Airbnb properties is a great way to make additional income in the UK, where the cost of living continues to rise. Recent data released by Airbnb reveals that hosting on the platform is equivalent to receiving an additional two-month salary. The most successful Airbnb hosts establish their expectations from the start using tenancy agreements, and their example is worth following. Renters will agree to any terms stipulated in your agreement if they sign it, acknowledging your policies and their responsibilities. However, it also means you must stick to your end of the deal. Nevertheless, both parties will rest assured in the knowledge that expectations have been agreed upon. This agreement should clarify everything, including pets, smoking, subletting, and alterations.
Resolve Complaints Immediately
There’s nothing worse than experiencing a breakdown in your apartment and waiting days or weeks for it to be addressed. Consequently, resolving any complaints you receive from your renters as quickly as possible is vital to keep them satisfied. Swift responses to client complaints are a huge sign that you consider them a priority and take their comments and concerns seriously. You may be forgiven for slight delays if their concerns are not urgent, like a dripping tap or faulty door handle. However, larger issues about comfort and security should be fixed immediately to keep tenants happy. One of the best ways to ensure problems are addressed quickly is to take out some form of warranty or insurance. For instance, BoilerCover.com can connect you to various UK boiler insurance providers who can quickly help you address any breakdowns.
Respect their Privacy
You have a right to inspect your tenants’ home since it is your property. However, one of the easiest ways to make your tenants unhappy is to drop by unannounced. Many landlords have the bad habit of showing up at their tenants’ doors without specific reasons. This behaviour is highly intrusive, especially if the tenant isn’t engaging in unlawful activities. Consequently, always give your clients prior notice before visiting the property to avoid startling them. Many experts recommend giving at least a full day’s written notice before visiting your rental property. Additionally, it would be best to plan your proposed visit at a reasonable time, so it must be neither too early in the morning nor late at night.
Furthermore, avoid being too nosy to honour your tenants’ privacy. Renters usually pay security deposits to safeguard against property damages. This security deposit should ideally be enough protection for your property unless they commit a violation you are aware of. Also, remember that you are privy to a lot of personal tenant information as a landlord. Tenants entrust sensitive documents to you when submitting their rental applications, and you must respect their privacy by keeping this information confidential.
Incentivise Long-Term Tenants
It is an excellent idea to reward your most loyal customers, even in the property rental industry. Consequently, consider showing your appreciation by offering discounts when long-term tenants pay their rent earlier for a specific period. Also, instead of paying for marketing, you can reward clients with a free month of rent following lease renewals to boost retention. Similarly, consider refunding a month of rent at the end of clients’ tenancy to boost their chances of a lease renewal.
Communicate the Right Way
There is no denying that how you treat your renters impacts the success or failure of your rental investment. Consequently, it is crucial to communicate with clients as equals and through the right channels. Better interactions with tenants involve considering where you reside in relation to them and their preferred mode of communication. For instance, you may need to improve on your texting if you rent to millennials. On the other hand, emails and phone calls will work best when renting to baby boomers. However, remember to keep all interactions professional and respectful irrespective of how you choose to communicate.