People in the property business should realise that their tenants are the most important people they deal with, as they are their customers. Looking after tenants correctly determines the cash flow landlords generate from their properties.
Failure to manage tenants correctly will most likely result in the landlord losing money, so it’s vital to remember some essential rules to ensure tenants are paying full market rent every time.
My top five tips for landlords are:
1. Show your tenants that you are a professional landlord: This seems obvious but tenants fear the ‘landlord from hell’. Don’t fall into this category by not addressing property problems immediately, or raising rents without adequate notice. There is nothing better to demonstrate that you are a serious and well organised landlord than providing new tenants with a welcome pack. This will show you have nothing to hide and will contain essential information about the property, plus a question and answer section.
2. Have the right policies in place: Make sure you have maintenance contracts for anything which can go wrong in your properties, and tenants have the details in the welcome pack. Covering every property for boiler breakdown, central heating failure, electrical problems and even appliance problems gives them peace of mind and you less hassle.
3. Be easy to contact: Always make a point of saying “I can be contacted 24 hours a day” again to give your tenants peace of mind. By including all essential information in the welcome pack, contact from tenants should be minimal as they will have all the information they need.
4. Get the rent paid by standing order: Make sure your rent is paid by standing order around the time the tenant gets paid by their employer.
5. Be flexible and understanding: Everyone has problems in their life and somewhere down the line, your tenants may have financial difficulties or personal problems. If and when they do, it is important to listen to them, and try to help as best possible. Your understanding could be the difference between you continuing to receive rent or getting no rent at all.
Property Portfolio Software’s flagship product Landlord’s Property Manager tracks all property-related income and expenditure and helps landlords to get better organised.
