If you are investing in buy-to-let properties, you might think that it’s a dream come true. Financially, that can certainly be the case, but only if you make sure that you are approaching it the right way. For instance, you need to make sure that you are providing a quality solution. If you don’t do this, then you can end up with massive problems. For instance, you could get endless negative feedback from tenants. That means that you will struggle to get future people to trust you and stay in your property in the future.
Professionalism From Day One
First, you should make sure that you are keeping things professional from day one. This is going to set the tone for the rest of your relationship from the time they sign the tenancy to the time that they choose to leave the property. There are lots of ways that you can keep things professional.
First, you need to make sure that you are not trying to hide any issues that might exist with the property. Be aware that no property is perfect. Even brand new properties will have lots of little things that give it character but also mean that tenants have elements they must navigate. This could include anything from a temperamental boiler or a noisy neighbor. If you alert people of these problems then they are going to be far more understanding when they crop up compared to them being a shock.
The little details matter here. For instance, you might want to think about putting together a welcome pack. This could include a digital or a physical folder. It might include manuals for appliances, collection schedules, local emergency contacts and more. If you want to be even more hospitable, then think about making notes of little bits and pieces like the best pizza place.
Finally, make sure that you are using plain english throughout the lease. It can be tempting to hide things in legal mambo jumbo but this is always going to be a mistake. It can lead to distrust immediately and make tenants more likely to hide things from you at the same time.
Carry Out Maintenance
Did you know that ongoing home issues and complications with maintenance is the number one reason why good tenants leave. The last thing you want is to go without or even rent to bad tenants because you drove the great ones away. When you find amazing tenants, keep them. They will look after your home as if it were their own, they may even carry out repairs and maintenance for you.
When your tenants contact you, be sure to respond within 24 hours. This can sometimes be too long for some tenants, so even just an acknowledgement message can mean more than silence. The 24 rule means you don’t have to fix everything on the list, but you do have to give them some sort of reassurance that you will do something. You could message them or call them to say that you are looking into it and will get back to them when you know more or when you have found someone to carry out the repair job.
Always make note of when you have carried out maintenance tasks throughout your home and exterior. For instance, gutters should always be done in autumn and boiler checks should be done at the end of summer. It is always better to be proactive rather than reactive as a landlord, this means you get stuff done rather than waiting around for tenants to message.
A five star landlord won’t let repairs get worse, they also won’t simply patch things up. As a five star landlord you should be looking at ways you can get quality workmanship from reputable companies and individuals. If the same issue keeps cropping up then you haven’t done a good enough job.
Communication Is Vital
A fantastic landlord should always be reachable, and you should expect the same from your tenants. Legally, if you plan on visiting the property to carry out checks or maintenance then you need to give 24 to 48 hours notice. You simply cannot just rock up to your property and knock on the door expecting to be let in.
Instead of telling your tenants when you will be coming over, ask them instead. For example, ‘would 5pm on Thursday work for you?’. They will be far more lenient if you don’t force communication, they may be snowed under with work or home life.
When your tenants sign the contract and agree to the terms and conditions, decide which channel you are going to connect through. This could be text message, email, or even a chat app like whatsapp.
Financial Fairness
Last but certainly not least, you probably are looking at this as a massive financial benefit for you. That’s understandable because at the end of the day this is why people invest in property in the first place. However, you have to remember that for your tenant, it’s not a financial benefit, it’s their life. In fact, these days, a lot of people rent because they have no other option. As such, you need to make sure that it’s as easy as possible for them. There are lots of ways to do this.
For instance, you could use automated rent receipts. This means that they will always know exactly how much they have paid as well as how much they owe.
You could also consider keeping your rent slightly below the market value. It’s a small gesture but if you can afford it, it’s something that your tenants are absolutely going to appreciate. It’s going to help make sure that you don’t have to worry about them feeling as though you are squeezing them to get each and every last penny. This is another problem that can lead to a negative connection with your tenants.
We do hope you found this article helpful and it gave you some ideas on how you can be a five star landlord to five star tenants.
LL x
*This is a contributed post. As ever, all opinions are my own.
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