While this has undoubtedly created an opportunity for landlords, it has also resulted in greater competition. The British build-to-rent sector – where homes are designed and built specifically for rental, are owned by institutional investors and managed by dedicated specialists – has seen a massive expansion in recent times, growing 20% year-on-year, and now accounting for a total of 148,000 rental units nationwide.
As such, remaining on good terms with your tenant has never been more important. In addition to making you a more attractive landlord, maintaining a good relationship also increases the chances of a tenant taking proper care of the property, and helps to ensure punctual rent payments and more lease renewals.
So, here are five ways that you can improve your standing as a landlord, helping you thrive now and into the future.
Make sure that your interior is superior
Properly done, well thought out interior design can be the difference between a long-term contract and a significant void period.
Your tenant will likely want to make the property feel ‘homely’, meaning that threadbare, no-frills décor will be very unlikely to satisfy this desire. Although it may seem like an unnecessary financial outlay, interior design will help your property to stand out from the crowd, and it could allow you to attract a higher quality of tenant.
It’s important to think about the kind of client that you’re seeking to attract too – for example, what might appeal to a family, might not be appropriate for a working professional.
If you’re unsure where start with this, then you should definitely consider using an interior design consultancy, who’ll be able to assist.
Communication, communication, communication
Communication is the basis of any relationship, and this is no different for your tenant and yourself.
Try to be as transparent as possible from the outset, setting out your standards and expectations as clearly as possible. This will help you to avoid any confusion further down the line. Of course, there is always the possibility that you’ll encounter difficulties, but by maintaining an open line of communication, issues will be resolved faster, and small problems can be fixed before they escalate into larger ones.
Of course, communication is a two-way street, and it’s imperative that you consider any issue raised by your tenant with the utmost importance.
If you’re worried you’re too busy to keep in constant contact with your tenants or guests, using property management can help you to stay on top of all tenant-landlord correspondence, letting you maintain a great working relationship with less effort required on your part.
Respect your tenant’s privacy
It’s important to remember that for the length of the tenancy agreement, your property is someone else’s home. As such, even though you might legally own the property, you should be careful not to treat it as though it’s your home while they are living there.
Remaining respectful of your tenant’s privacy will go a long way to ensuring that your relationship with them remains on good standing.
Furthermore, failing to do so could lead to you falling afoul of the law. The Landlord and Tenant Act 1985 mandates that you must provide at least 24 hours’ notice before entering the property, and keep the visiting times to reasonable hours. Failure to do so will be seen as you derogating from the grant provided under the lease, leaving you subject to a heavy fine.
Health and Safety first
As a landlord, you’re responsible for ensuring that the property is in a condition fit to be rented out. Reputation is important, and you don’t want to be known as the landlord who lets out substandard properties. Further, a safe property will also help you to attract more tenants.
You are legally required to certify every gas appliance by having it checked by a Gas Safe registered engineer. You will also have to provide tenants with a Gas Safety Certificate within 28 days of the annual check taking place. Working carbon monoxide detectors must also be placed in any room where solid fuel is used.
If you have a house in multiple occupation (HMO), then you’ll also be required to have an electrical installation condition report (EICR) carried out every five years. Even if your property isn’t HMO, it’s still a good idea to get this done!
Keep your tenant happy
At the end of the day, letting your property out is a business venture, and like any business, you should try to go the extra mile to ensure that the customer (i.e. your tenant) is satisfied!
It’ll often be the little things that make the difference, for example, a welcome guide introducing them to the local area could help them to settle in and integrate seamlessly. Take the time to talk through the letting agreement with them at the start to make sure they understand everything.
A solid landlord-client relationship is the basis of any happy tenancy, and all landlords should strive to make it a reality. Following the tips outlined above will go some way to making it a reality, helping you to enjoy the benefits of a stress-free tenancy.
