There are a multitude of reasons that tenants will choose to rent a home rather than purchasing, including renting to be near a certain location, their family or personal situation necessitates renting, buying a home is not a viable option for them, or they would rather simply be able to be location free and not be tied to a single property.
As we all know, especially in the current climate, renting may be a good option for many people who may be in the limbo of not wanting to buy something whilst there is so much financial uncertainty around.
So having good quality tenants is every landlords dream. Tenants who will treat your home like their home, be happy to help maintain and add value to your home as it appreciates leads to lower maintenance costs as tenants are more likely to look after the property, and lower administration costs overall.
We’ve all seen those TV shows where landlord’s properties are held to ransom by nightmare tenants who wreck the home and this is definitely something most landlords will aim to avoid by ensuring that tenants are properly vetted.
So how can you ensure that your rental property is appealing to long-term tenants? Here are a few tips…
1. Make your house a home
Tenants who are looking to rent more long-term will typically be looking for somewhere that they can really make their home. They will typically be looking for a property which is decorated to a good standard, maintained to a good standard and (for fully-furnished properties) furnished to a good standard too.
Having a house full of basic fixtures and fittings may not attract the kind of tenants you are hoping for, whilst ensuring that there is a good central heating system for hot water, functional but stylish kitchen and bathroom suites and that the home is staged in a way that appeals to the kind of tenant you want to attract, can mean that you are more likely to succeed in your search for the idea tenant.
Staging companies may be able to assist with this if you are trying to attract more high-end clients, as can also having technology integrated around the home which may appeal to a more upmarket client.
2. Maintain your property
Demonstrate that you have a maintenance plan for your property, or keep a detailed history which shows when the boiler was last serviced, the broadband was last upgraded or the house was last decorated, or even deep-cleaned. Showing that you are proactive about these details is more likely to make tenants want to live in the property as they know that you will look after the property and that it will not crumble away before them. Make it clear in your agreements what you are responsible for in terms of maintenance, versus what the tenant is responsible for.
3. Be Flexible
Tenants may often want a property which they can “put their own mark on”. This could involve enabling them to be involved in planning soft furnishings for the property, flexibility to decorate within reason, giving them carte-blanche to get creative in planting in the garden, or other avenues which ensure that they can feel that their rental property is also a place that they can call home.
4. Show your tenants that you appreciate them
Flattery will get you everywhere and although it may sound shallow, showing your tenants that you appreciate them by remembering them at Christmas with a card or even a small gift, around their moving date and any other significant dates could mean that they are more likely to stay remain in the property out of loyalty then look elsewhere. Treating your tenants well and giving them flexibility helps to build trust and credibility between you as the landlord and them as the tenant
5. Avoid Students and the gig economy
If you are looking for long-term tenants, then letting your property to students, or to those working in the gig-economy is not a good idea, as both of these groups of people are more likely to be transient, as they will typically also have ties to other places and be less likely to stay in one place if they don’t have ties to keep them there.
6. Tell your Estate Agent who you want
It’s always advisable to let your letting agent know that you would prefer a long-term tenant, as they may be able to help you find someone who is looking for a longer term let, and can market the property with this in mind.
If you have a property that you are considering renting, and would appreciate some help and guidance on how to make the most of it, then we are always very happy to help. Simply give us a call on 01727 221290!