“Avoid the Voids”

Keep your Tenant HAPPY

Today, we investigate how to maximise your rental yield by ensuring that your tenants stay in your rental property.  This will avoid possible void periods or additional expense in seeking a new tenant.  So how can you keep your Tenant Happy?

One of the main reasons why people move out is because they just don’t feel they belong. So does your letting agent make your tenant feel that they are part of the local community? Do your tenants know about local events and issues in which they can participate if they wish? Can they join a Residents’ Association or at least be introduced to their neighbours?

A careful letting agent will ensure that any other properties they are letting nearby will also have well-considered tenants.  Hence, there shouldn’t be a problem with neighbours.

How flexible are you as a Landlord? Allow your tenant to redecorate or make other improvements to the property, so that it really feels like their home.  Of course, then they are less likely to want to move on. Similarly, landlords who allow pets tend to secure longer tenancies (as alternative accommodation for pets and their owners can be difficult to find). You may even be able to charge a premium rent for pet owners.

A place called ‘home’

One of today’s greatest turn-offs is poor broadband. It is essential that you install the fastest supply possible in your area, with no expense spared.  Tenants are usually prepared to pay a premium for this service.

Possibly the easiest way to ensure your tenant stays long-term, is to offer a longer tenancy at the outset. It may seem obvious, but by offering an 18- or 24- month agreement initially, you automatically preclude those who would otherwise expect to move out sooner. Longer tenancies attract many tenants as it means that two of the main risks associated with renting – uncertainty and security of tenure – are minimised.

Ultimately, the more a tenant can feel that your investment property is actually their “place to call home”, the more likely they are to want to stay. Letting is not just about finding a tenant, it’s as much about nurturing the human aspect of your investment.  Ultimately, it needs to deliver both an attractive financial yield to you, as well as providing a real sense of home for them.

For professional lettings advice call 01273 735237 or contact us at enquiries@callaways.co.uk