Being nice to the tenants is the first step in keeping them happy. Always act in a respectful manner so that life becomes easy for you as a landlord and properties are also turned profitable. Treating tenants fairly means creating an environment of longer retention of the tenants.
By having long term clients the benefit is that a landlord does not have to undergo all stressful procedures periodically such as cleaning, painting, and fixing problems in a property as soon as a rental unit becomes vacant. Then comes the procedural side that might consume countless hours of a landlord such as
- Advertising
- Phone calls
- Interviews
- Property showing
- Vetting credit reports
- Drafting the lease
- Discussions on the lease
- Inventory check
- Moving in
In short, it will be hell of a work to arrange the entry of a new tenant every time. So it is plain evident that instead of shuffling tenants periodically a humane approach can keep your tenants as long as possible.
Communication Important
Smart landlords use solid communication to maintain relationships with existing tenants. It is a cost-effective way to increase tenant satisfaction and keep occupancy rates high. In fact a recent study said tenants are more than happy if the property management is fine and will renew leases three times more.
Tactical Adjustments
Another strategy for achieving tenant satisfaction is better accommodation. This can be done in more than one way
- Give a longer lease term in exchange for a new lease.
- Include favorable terms in the lease that encourage your tenants to make a long commitment.
- Go for flexible leasing to make your tenants happy for the long term.
- Adjust rent to give your tenants more stability for their rental costs.
- Make improvements at no cost in exchange for a new lease.
- Consider making your tenants happy by way of the quality of services. This may be a little difficult.
Gains
What the landlord gaining is not only some extra bucks but the ease in maintaining the building and keeping the tenants upbeat about their environment.
So, when you want to rent apartments in London make sure that there is a cordial relation created between the land lord and you. If the relations are of mutual respect, then it is easy to be in harmony and small problems like fixing a leaking tap or seepage on the roof spoiling the ties will not strain that contract.
