Happy tenants = More rent = Better investment

The information in this article is courtesy of Realestateweb (12 Tips for Landlords – 26 September 2007)

So you bought a buy-to-let property with great hopes of paying of the bond while you secure a profit. But what happens if you can’t find a tenant or you tenant makes a runner. How do you get it right? Here are some tips to help you keep tenants happy and paying on time.

Keep all correspondence regarding your rentals. This means you need a form for everything under the sun. Make sure these forms are well organised.

Never trust a verbal agreement. Get everything in writing, for this way there won’t be any misunderstandings of misinterpretations.

This might not always be possible but try to meet the tenant. Building a relationship with a tenant can often lead to longer tenancies.

Because they play such a vital role in your investment it is sometimes necessary to send gifts to thank agents/tenants. See this as adding value to your investment and securing the tenant’s trust and an agent’s time and effort.

Make a list of what you require from a tenant/agent and ask for feedback.

Give tenants an appreciation bonus instead of penalties. This means that you can include in the lease that you will pay a sum of money on top of the deposit should the tenant pay rent on time or agree to you checking the property once every two months. This way the tenant’s deposit builds up to a lump sum of money and you get your rent on time. Also, offer an appreciation bonus for a debit order.

Another great way to obtain higher rental is to furnish your property. This will attract tenants who are not staying for too long, shopping to buy or students.

Yet another way to obtain higher rental is to upgrade the property - even if it is a small item like a ceiling-fan. If you make bigger upgrades like putting in a pool, you can charge more rent or ask the tenant to pay half.

If you offer a weekly cleaning service it means that you have a direct line to what is happening in your property. If there is anything that needs attention you can attend to it right away.

When you buy rental insurance you are covered for a certain period of time, which could come in handy should the worst happen.

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