23rd May 2016
Here at Choices Investments, we are always speaking with our clients about property and making sure they know both the good and the bad about property investment. With so called "generation rent" flooding the market and more rented accommodation than ever before, the only real downside to having a buy to let property is if it is empty! If your property is empty, it isn't making you money. Anyone that has been to our seminar knows that property investment isn't about property at all. It is just about making money. If you are making any sort of profit at the end of the month, great, but with our expertise, you will be able to maximise the profit on each and every purchase you make.
Landlord insurance provider Direct Line for Business has given the below tips for landlords wanting to keep their tenants:
- Be fair: The rental market is always shifting, so it is worth keeping an eye on how competitive your rent is compared to the local market. The cost of rent is one of the biggest factors when it comes to influencing renters so making sure your tenants feel like they are paying a fair price will go a long way to ensuring they don’t look elsewhere
- Be flexible: Assuming that you trust your current tenants in the property, it is always worth being flexible on certain elements of the rental contract. It is important for occupants to make their house feel like a home, so if this involves decorating or minor DIY – or even getting a pet – it is worth being open to requests and discussing them with tenants to make sure everyone stays happy
- Be approachable: As a landlord, it is your responsibility to keep the property in decent condition for your occupants, and it is important for tenants to feel that they can reach you when they need to. By maintaining contact and being approachable, this could easily prevent small problems becoming big problems
- Be helpful: As well as responding to requests, it can be hugely beneficial in the long run to make the first move – especially when a tenant moves in. Furthermore, if you know that for example a washing machine is getting old, it will only improve your relationship with your tenants if you replace it before it breaks down. This can also make your life a lot easier!