How to keep your tenants happy (and paying rent!)

The key to (relatively) passive property income – content, paying tenants. OTH Editor Julian Pletts gives his tips to cultivate the best landlord-tenant relationship possible.

ON THE HOUSE Magazine Editor and portfolio investor Julian Pletts

As a landlord, keeping tenants happy and ensuring they pay rent is essential for maintaining a successful business and enjoying some of the benefits of property investing. Happy tenants are more likely to renew their leases, pay rent on time and take care of your property. So here are a few tips to help you keep hold of tenants even in times of unprecedented demand:

Vet tenants properly

If you are self-managing insist on meeting all the tenants who are going to be staying in your property and get to know your prospective tenants – trying to take a genuine interest in their lives. As well as a full referencing process with employment, credit and previous landlord checks, try and get a feel for how long they intend to stay in the property. How long were they in their previous property? Is their job location-stable or are they likely to have to move around? Do they have family nearby or anything tying them to the area?

Communicate Effectively

Effective communication is key to keeping your tenants happy. Be responsive to their inquiries, complaints and concerns – we are not the revenge-evicting landlord monsters the mainstream media make out. Having a decent sinking fund for your portfolio is key for this. Set up clear lines of communication through email, text, or phone.

Be Proactive with Maintenance

Keeping your rental property in good condition and being compliant to all regulations is crucial. Conduct regular inspections, fix issues quickly, and make upgrades when necessary. Create a maintenance schedule and stick to it to avoid major problems.

Treat Your Tenants with Respect

Treat your tenants as you would want to be treated. Be professional, courteous, and fair in your interactions. Avoid condescension, belittling, or talking down to them. Remember that your tenants are your customers, so try and maintain a cordial and professional working relationship where possible.

Maintain Safe and Secure Properties

Safety and security are top priorities for tenants. Make sure your property is secure and well-lit, install smoke detectors, and provide proper locks on doors and windows. Consider offering a security system. A safe and secure property gives tenants peace of mind and makes them more likely to stay long-term.

Be Flexible

Being flexible can make all the difference when it comes to keeping tenants happy. Be open to negotiating lease terms, accommodating special requests or working with tenants who have financial difficulties. Don’t be a push over, but being firm, fair and a little bit flexible can go a long way. You are running a business, but you are also dealing with people who have unique situations and needs.

Having said all the above, it is of course still possible that tenants fail to pay rent or don’t look after your property – it happens to almost all investors at some point and in this case we thoroughly advise talking to an eviction specialist like Buy To Let Group Preferred Partner Evict My Tenant.

Remember, happy tenants are more likely to pay and stay.