Finding the right tenants for your property can be difficult. You will need to ensure that your tenants are responsible not only in regards to paying rent, but also when it comes to maintaining your property to its best condition.
Your relationship with your tenants is an important factor in how the tenancy will occur after the lease is signed. Finding a balance between friendly and professional will ensure that you have a successful renting experience.
Paying Rent
You need to charge the right amount to attract tenants; charging too much might lead to not finding a tenant, but charging too little might mean that you are unable to cover your expenses. The amount you charge needs to cover your expenses, allow you to have a reasonable return on any investment you made, and also be competitive in the local market.
Ensuring that tenants are able to pay rent is essential. When choosing a tenant, knowing if they are working full time and what their salary is might seem like an awkward conversation to have, but you want to make sure that their salary can cover rent and any other cost.
Abiding by the Rules
Any landlord will have a specific set of rules for their property, and tenants need to be aware of what these rules are and to be willing to follow them. You might not want any pets or tenants who smoke, so choosing prospective tenants who understand this is vital.
The lease agreement will need to include these specific rules. You need to specify to tenants exactly what you want from them and what consequences will follow if the rules are broken, which might include paying for any damage.
Professional Relationship
Having a friendly relationship with tenants can be good for business. It can lead to long-term tenancies if they feel comfortable with renting your property. The better your relationship is with your tenants, the more likely they are to stay.
However, too much familiarity can be detrimental. You might find yourself making compromises on rent or on potential damages done to the property. Maintaining a professional relationship with your tenants involves being approachable and available for any maintenance needs since day one.
Keeping a professional and courteous tone and keeping the relationship “business friendly” is the best step to take. While having coffee with your tenants on a daily basis isn’t the best idea, being respectful and having open communication with your tenants will ensure that they will take care of your property and inform you of any issues.
If you have properties you are looking to let, at Belvoir we will ensure you will get professional service alongside with market-leading and cost-effective solutions. You can contact us to inquire about our services; our team is always happy to answer any question you might have.
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