Are you are a landlord with a beautiful portfolio of property, happy tenants, and an honest approach to your business? Or are you a slumlord trying to rake in as much as you possibly can from people who do not have any other choice?
If you fall into the latter camp, I’m not sure why you are reading this. But for the vast majority of landlords, the truth is probably somewhere in the middle of these two extremes. However, the further you get towards slumlord, the riskier your business is going to get. And the better landlord you become, the better your returns will be.
So, if you think you could do a little more for your tenants, read on. Hopefully, we’re going to tip you over the edge and make you take the action you need. Let’s explore how housing happier tenants will pay off in the long-term.
Better homes, better tenants
First of all, let’s go through the most obvious point. The higher quality of home you provide the better quality of tenant you can expect. When your tenants see that you love your property and take care of it, they are more likely to follow suit. It doesn’t take much - just a little attention to detail. People want to live in a clean, secure, and comfortable home that they can call their own. There’s no need for flashy furniture and decor, as long as you get the basics right.
Invest in the right area
Think about your ideal tenant. Now think about their ideal living space. Different people will be looking for different things, so make sure you tally that up when choosing a property in the first place. According to estate agents marshallwhite, there are a few things to look out for. Clean air is always welcome with everyone, as is plenty of parks and greenery. If you are looking to house parent tenants, first-class schools are essential. So are top-notch medical facilities. Students or young professionals, however, are likely to want to be near to entertainment. Public transport and shopping are also likely to be on their 'wants' list. Think about your market, and buy in the location that suits them best.
Want to know tenant’s number one problem with their landlords? It’s maintenance. They will call and notify you something is broken, but it takes you weeks to respond. Staying on top of queries and complaints is vital. If you don’t have time to deal with them yourself, it might be worth hiring a property manager to help you out.
Another big issue for tenants is a lack of consideration on their landlord's behalf. They pay a lot of money every month to live how they like. As long as they are taking care of your property as they would their own, you should leave them to it. Turning up unannounced is not fair to them - and it won’t go down well. Similarly, if you demand inspections every few weeks, it will make them feel like they are a burden rather than a tenant. Give them the space they need, and you will find you keep your better tenants for a long time to come.