Making more money from your rentals is sometimes as simple as being a good landlord and upping your landlord game. Why? Good quality rentals attract the right sort of tenants, and happy tenants tend to stick around for longer and cause less damage to your property.
Reacting quickly to tenant needs means things don’t spiral out of control and the relationship remains positive. Here are some good landlord strategies to help you maximise your rental investment.
Think safety first
You are legally obliged to ensure your tenants’ safety by complying with government safety standards. This includes having fixed smoke alarms on every floor, as well as a working carbon monoxide alarm near the boiler. All gas and electrical equipment should always be installed and checked by a qualified engineer.
But don’t stop at covering the bare minimum- make your property as safe and as comfortable as you can. This will establish your reputation as a quality landlord and set the right tone for tenants. After all, if something is safe- you’re more likely to want to protect it.
- Intruder alarms, alarm boxes, outside lighting, fire doors- all these are key property safety features.
- Tenants with families, or tenants with larger incomes, will be particularly picky about safety arrangements.
- If a tenant requires any extra protection or safety measures, discuss this with them in detail. A small investment now may pay off in the future.
- Don’t let an unsafe property be a deterrent for the right tenants.
Upgrade your tenancy paperwork
A well-formatted and thorough tenancy agreement is absolutely crucial.
- Review the one you are currently using and make sure that you are covering all the key clauses.
- Check whether the document is consistent and whether it could be improved from a brand perspective.
- Be firm but fair in your damage and inventory costs.
- Be ready to discuss the tenancy agreement with your tenant before they sign. It’s a big commitment and they will need reassurance (which is entirely normal).
Why not create a dedicated and branded tenancy pack to help your tenants get familiarised with you as a landlord?
- Provide them with the key information they will need to settle in quickly. Providing information like this gives the tenants a good settling in experience, as well as saves you from answering loads of questions at a later date. Provide a good customer experience- it’s very important and will help establish your rental brand.
Conduct thorough inventories & inductions
Proper inventories and tenancy inductions eliminate ambiguity. Create a robust inventory that covers all your assets and have it well formatted so it’s easy to follow. A tenant will appreciate the security that this brings them (as will you!).
A proper induction when a tenant moves in means that they will be able to use the property and all its features safely and soundly. An induction eliminates the need for questions and extra visits to the property to sort out trivial things like bins or blinds. It will also reassure the tenant and starts things off on the right foot.
Respond & repair
Being available to tenants and responding to their support requests in a timely manner is very important, and it will stop any issues from escalating. A repair job can spiral if not dealt with quickly, causing even more damage to your property. Your property is your biggest asset, and it’s your tenants’ home, so taking care of it should be a priority for you both!
Form good supplier relationships with trusted tradespeople in the area so that you can fix issues quickly and keep costs down. Tenants will appreciate a polite tradesperson, and it will be nice if they get to form a good relationship too (though we hope they won’t be seeing each other too often).
Upgrade your property
It might be worth investing in a property upgrade to attract the right tenants and decrease tenancy turnaround time.
- Even cosmetic repairs can make a big difference, and you wouldn’t want to miss out on a great tenant over something like a lick of paint.
- If something keeps coming up in the viewings, make sure you fix the issue before people move in. Explain to prospective tenants that the issue is already being dealt with.
- A small request from a new tenant might not break the bank, so it’s worth considering throwing it in for them. You’ll make your money back through rent fast enough.
- If you are going for a more extensive upgrade, prioritise increasing both the re-sale and liveability factor of your property. More bedrooms, second bathrooms, an extension- all these are sound investments.
Market for the right tenants
Everyone knows about vetting tenants- but what about actively marketing for the right tenants? Have you (or your rental agency) agreed on a property marketing strategy? A strategy is all about reaching the right audience.
- What wording are you using in your tenancy advert? Who it is likely to attract? Make sure copy is targeted and well-written.
- Use clear and attractive photos and make sure you have a good spread of them.
- Consider where your property is being advertised- are you reaching the right audience online? Do you need to invest in print adverts as well?
Can you cater to a specific group?
In the saturated rental market, there may be a particular tenancy niche where you can make a splash. Catering for a certain demographic group like international students or pet owners may help you establish yourself as a market leader.
Got some good landlord ideas? For some more ultimate landlord tips, check out this good landlord guide.
Author Bio: I’m Joseph O’Brien, and I am a curious freelance writer who has a strong interest in business, arts and culture. As well as my own personal experience of renting in Bristol, letting agents Lets Rent gave me some ideas for my post on being a good landlord. Find out more about me and my writing on my blog.