The long-term rental market is currently experiencing a decline after a
period of consistent growth over the course of the previous decade. A recent
report suggests that there is a two
year low in demand for rented property, while supply continues
to consistently increase. It is challenging to pinpoint the precise reason for
this slump, however, tax perks, institutional
money and Brexit are all amongst the reasons cited by experts.
While this slump is unlikely to continue in the long term, it does serve
as a timely reminder to landlords over the importance of keeping high quality
tenants happy.
Changing tenants regularly can be an expensive process, regardless if
you choose to use the services of an estate agent or not. Any time that your
property sits idle between tenants can amount to a small fortune due to the
cost of insurance, mortgages and a loss of earnings. In my own experience, I
have found that when I want to keep pleasant, reliable and clean tenants who
look after my investment as if it is their own, it is important to focus on
pre-emptive actions.
False Economy
Regardless as to whether or not your property is technically classed as
fully, partly or unfurnished, it will still require some items to be supplied
by you, the landlord. These could be as small as curtains, or as extensive as a
full living room sofa set. The key consideration when buying these items is false economy.
You may be able to save a significant amount of money upfront buy
purchasing cheaper or inferior products, however, they are likely required to be
replaced on a more frequent basis, costing you greater amounts of money in the
long run. Combining that with the fact cheaper products will lower the
perceived value of the property for the tenants, both of these factors will
contribute to tenants being dissatisfied and jeopardise their desire to renew a
lease agreement.
It is therefore worth steering clear of false economy products,
especially when you consider that it is an industry that has historically had a
high level of quality competition. This competition has given birth to a number
of new companies attempting to disrupt
the furniture industry and stake their claim in a competitive market. Taking
this into consideration, whether you are attempting to buy a
king size mattress online or a custom made sofa, you are now offered ample
excellent opportunities by numerous suppliers.
An important and essential consideration to take into account is that
any furnishings that are provided by yourself will have to comply with
stringent fire
safety regulations.
Maintenance
Nothing can have a more detrimental effect on a relationship with a
tenant quicker than a landlord stalling on performing a repair. It is in your
best interests to ensure that the channels of communication stay open and that
when you are alerted to the fact that something is broken, respond in a timely manner.
Ensure that it is a top priority, in fact it is normally beneficial to have a
relationship with some skilled worker whom you trust and can contact when
something goes wrong.
However, maintenance is key, tenants like to see you perform regular maintenance
of the property, it builds trust in the relationship while encouraging them to
treat the fittings with greater consideration. It will also save you money in
the long term, as you are in a position to monitor and possibly prevent items
being defaced or damaged.
Benefits
As highlighted earlier, seeking out the ideal
tenant is not a complex task. Therefore, it is crucial when the ideal tenant is
found to ensure that the property and relationship will nurture an environment
that will compel the tenant to stay long term. If these two factors are
achieved, the landlord will reap the benefits.
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