Letting a property can be a wonderful way for owners to preserve equity in bricks and mortar whilst managing the costs of ownership. However, having a good relationship with your tenant and retaining a good tenant for the long-term will add to both the experience and the material benefits of letting by ensuring the property is well cared for, minimising administration, and reducing the chances of any issues.
When you have a good tenant, creating an environment in which they are happy to stay, and their presence works for both parties, is extremely valuable. Firstly, if you have regular tenant changes then it increases the period of time in which the property is empty and you are not receiving any rent, while an ongoing tenant provides a more stable rental income.
In addition, regularly changing tenants increases marketing costs, as well as wear and tear on the property from frequent moving in and out. Ultimately, however, the greatest benefit of a long-term tenant with whom you have a stable relationship is smoother property management and less potential for issues between the landlord and the tenant. Furthermore, someone who has been in the property for a long time and truly sees it as home is more likely to look after it as if it were their own, which is better for property care and maintenance.
Naturally, it takes both parties to maintain a positive, long-term relationship between a tenant and landlord. However, as a landlord there are things you can do to nurture that relationship and encourage longevity in the tenancy from the very beginning.
We all want to get the highest possible value from our rental agreements, but making sure the rent is fair and competitive is not only ethical, but financially prudent. A tenant who feels they are paying a fair market rate is not only more likely to stay, but to remain content with the arrangement, minimising potential disagreements.
Under the new Renters' Right Bill landlords will be restricted with how much they can increase rent and how often. You will only be able to increase rent once a year, and to the price it would realistically get if it was newly advertised. So, it's important to set it at a value you're both comfortable with from the start and to be mindful about rent increases and how they are achieved, with plenty of notice, good communication, and the option to remain open to discussions.
Property maintenance is an ongoing process, but it's the most common thing that tenants and landlords can fall out about.
The best way to ensure a property is well cared for is to start by making sure it's in good condition. Use hard-wearing surfaces, durable paint that's easy to wipe clean or touch up, make sure there's no damp or draughts, and ensure everything within the property is up to an appropriate living standard.
Then, make sure you schedule regular, planned property checks and seasonal maintenance at times that are mutually agreeable for you and the tenant. Give plenty of warning, encourage them to tell you if there's anything they have noticed, and document any findings and actions. For example, this might include cleaning the gutters, painting window frames, treating woodwork, and servicing the boiler.
With the best will in the world, sometimes things happen, so it's important that you respond to any issues highlighted by the tenant in a timely manner. Some issues that are considered hazardous, like damp, carry expected timeframes for responses by law. However, even where issues are not urgent, it's prudent to respond and react in a timely manner to maintain a good relationship with your tenant.
Read our landlord's guide to property maintenance and safety standards
Good communication is the cornerstone of any relationship, and it's no different when it comes to tenants and landlords. Whether you communicate directly or through your letting and management agent, fostering transparent and considerate communication from the start will help tenants to feel appreciated, supported, and secure in their living situation. For landlords, understanding tenants will also help to create a sense of trust that encourages long-term relationships.
Communication is one side of the relationship coin, while respecting tenant privacy is the other. It might be your property, but for the time being it's their home. For example, when it's time for property checks, planned maintenance, and even emergency maintenance, make sure you communicate effectively with your tenant before arriving at or entering the property. The only time a landlord should go into a property without notice is in a legitimate emergency such as a fire, gas leak, or burst pipe. Try to agree mutually agreeable times for checks and maintenance, and be respectful of their space when you're in the property.
Where it's appropriate, try to be accommodating and flexible. This will depend on individual circumstances. For example, it might mean discussing rent increases with a good, long-term tenant and compromising to maintain their presence; it might mean offering flexibility around move-in/move-out dates where possible; or it may mean accommodating reasonable requests such as allowing pets, redecorating, or upgrading certain features in the property.
Using a professional letting agent with a strong reputation is a powerful way to ensure you get the right tenant for your property and optimise the chances of a long-term tenancy. For example, a good letting agent will have processes in place to carefully screen tenants, ensuring affordability and good references.
At Chestertons, our professional lettings team can coordinate and manage property maintenance and checks, oversee tenant communication, and maintain a record of all interactions, as well as collect rent. It can also be helpful to have that formal buffer in place between tenants and landlords to reduce personal stress and improve the overall experience for both parties.
If you would like to find out more about working with Chestertons, including how we can help you make the most of your rental property, contact your local letting agent at any time.
Contact your local Chestertons letting agent