Expense, time, administration and possible loss of income - As a landlord you know that turning over your property does not grow your business, make it more efficient, better marketed or improved at all. If your tenants are good, trustworthy, timely in paying rent and long staying then there are simple steps you can take to encourage continued business with them.
Your tenants are your businesses customers. If you want returning business and brand loyalty – it must be earned.
Don’t go into business with someone you aren’t sure about – trust your instincts when you meet your tenants. Do you connect on a personal level? Can you see yourself dealing with this person for the long term future, on a regular basis?
Perform proper background checks. Don’t ignore the flagged results but don’t forget that nothing is clear cut – did you consider voicing your concern to your prospective tenants as a way to get to know them?
The same goes for your agency, contract workers, handy men and anyone else who represents your business. If your tenants don’t deal directly with you, how do the people they do deal with hold up? Is your agency efficient, polite, helpful and personable? Do the handy men deliver on time and to a high standard? If you trust your livelihood to outsourced agencies, be sure are they representing your business successfully, if not it could cost you some great tenants.
Communicate and respond quickly
The business of providing a functioning residency is a service you should take pride in. If there is an issue with the property or service, or of course, the payment or behaviour of your customers these should be dealt with fairly and promptly. A sure fire way to lose your tenants is to delay responding to them or hold off dealing with problems they are having.
Quality goods, materials and maintenance
Simply put - The better standard your property is in the higher standard of tenants you will attract and the higher bracket of rent you can charge. If you imagine that the property is your own residence, would you be willing to pay good money to rent it? It’s up to you what the quality of the service you provide is but of course it’s up to your customers to use your service.
Assuming you have quality, long-term renting tenants that you risk losing from raising the rent, how will the extra income balance in comparison to the costs incurred and loss of income during a change of tenants, not to mention the possibility of letting to tenants that aren’t as good as your current ones. Of course not all price changes can be avoided but it’s worth understanding the act between the possibility of more or less income against the benefits of quality tenants and longer tenancies.
Renting a property is a business, and with all businesses you need to decide on the type of customers you want to target. This standard is set by the tools you use, staff you hire and quality of service. Keeping hold of good tenants can be as simple as providing them with a service they are happy to keep paying for.