Whatever your situation, it’s never good to lose a tenant. With ever-increasing tenant-find fees, wear and tear costs, one-off repairs / updates and the possibility of a vacant property, high tenancy turnover has the potential to cost A LOT of time and money. So how can you avoid it?
When you have a good tenant, do whatever you can to keep them.
It seems obvious, right? But it can be easier said than done! At Open Door, a lot of our prospective buyers have recently left rental properties, and they’re often sad to leave. So what would have kept them in place?
1. Customer service.
It’s often the little things - and plain frustration - that lead people to make big decisions. Make sure that you communicate with your tenants, and let them know that you’re always happy to hear from them. If they have concerns, take them seriously: react promptly, stay in touch and follow up to make sure that they are happy with the outcome.
2. Don’t rely 100% on your letting agent.
If you’re using an agent, great – but still get in touch with your tenants directly to introduce yourself; welcome them to the property; and provide them with your contact details. If they’ve been there for a while, check in every so often to make sure that they’re happy. Let your tenants know (or at least think) that you’re on their side, even if their day-to-day dealings aren’t with you.
3. Consider your price.
Ultimately, it may be a bigger issue that causes a tenant to move on – the rent. But even this shouldn’t be an immovable factor. A tenant who pays on time; who looks after your property; and who is communicative and reliable may, overall, be a more profitable tenant than one willing to pay higher rent. It may sound counterintuitive but, sometimes, lower rent can raise your long-term revenue.
In our experience these tactics can go a long way to retain quality tenants. However, you can’t make someone stay forever if they don’t want to! So what can you do if your tenants are about to leave? Well, our next blog will help you to manage that.
If you can’t wait that long and want advice sooner rather than later, please get in touch with your local Open Door office. We’ll be happy to give you our thoughts!