Every successful landlord needs a rock-solid tenant retention plan or what we like to call “a happy tenant strategy”. This is because happy tenants are loyal tenants. And loyal tenants are more likely to stay in your property for longer, helping you to avoid the ultimate landlord bugbear – high tenant turnover. Whenever a tenant moves out, the landlord gets hit with extra costs such as end-of-tenancy cleaning and repairs and marketing and reference checks to cover the new tenancy. Then there is the issue of lost rent when a property sits empty in between tenancies. So, it makes good business sense to minimise turnover by going the extra mile to keep hold of good tenants.
Here are six tips for Melton Mowbray landlords for avoiding tenant turnover.
- Choose the right tenant
By following a detailed selection process and carrying out thorough credit and reference checks, you’re more likely to land a “keeper” in the first place.
- Good communication
Ensure your tenants can quickly get in touch with you (or your representative) when they need to. If they raise an issue, listen to their concerns, and try to be accommodating. While you want the relationship to be business-like, it also needs to be personable.
- Keep on top of maintenance and repairs
Ensure the property is kept in good condition and respond promptly when there is an issue. If you ignore a tenant’s complaints, they’ll wonder if the grass is greener elsewhere.
- Be honest
Don’t overpromise or be economical with the truth. Trust is important in the tenant/landlord relationship.
- Don’t set the rent too high
Setting the rent too high can be a false economy. If a tenant feels that they are getting ripped off, they’ll quickly move on – leaving you to fork out to find a new tenant.
- Be flexible
Give requests about decorating or having pet’s due consideration (even if you’re initial instinct is to say no). If a tenant feels that they can create a home environment in your property, they’re more likely to stay for a long time. If a tenant is working out well, consider offering them a longer lease.
Get in touch with us here at Newton Fallowell to find out how we can help you find and retain good quality tenants.