How to find good tenants and keep them in your property for longer
Posted on 1st June 2021 at 11:15
Finding tenants who take care of your property as if it is their own is not as easy as some might think. Additionally, every time a tenant moves out, you have to go through the whole advertising and vetting process again, which can incur a loss of income for several weeks.
Here are some key principles for finding great tenants and retain them for longer.
1. Finding the right tenants
Firstly, establish what your target tenant is; family, professionals, students, etc. Once you are clear on the type of tenant you want, advertise your property accordingly.
The second step of getting the right tenant on board is doing an in-depth screening process; gathering all necessary information, such as rental history, credit behaviour, criminal background, references and income.
2. Be proactive and approachable
Don’t underestimate the importance of the human factor and your tenant’s ability to communicate with you when issues arise.
You wouldn’t want your tenant not to tell you when there’s a problem, so make it clear for them that you are proactive and approachable.
3. Charge fair Market Rent
When deciding how much rent to charge, make sure you speak to a letting agent and check for similar properties in your area that have been recently let (in similar condition).
If your tenant sees several similar properties in the area at a more affordable price, he might be tempted to end his tenancy with you.
4. Contract length
Long-Term contracts are a great way of filtering out non-committed tenants from day one. If your tenants agree to a one-year term, you know there will be a better chance for them to stay in the property for longer.
5. Ensure you’re up to date with rules and regulations
Always be aware of what your landlord responsibilities are, such as keeping your properties safe and free from hazards, EPC's certificates, protecting rent deposits, checking tenant’s right to rent and making sure all gas and electrical equipment are safely installed and maintained.
One of the best ways to protect a steady revenue is by having long-term tenants, so looking after them is key to avoid income losses. At Peregrine Property Hub, we have an in-house letting team that can take the hassle away from you. We have qualified tenants in our database ready to match your property.
Contact us today for more information.
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