With so many of us looking to become a landlord as a way to gain interest on our existing cash or boost our pension today I wanted to talk about one of the founding principles as a landlord. Tenants.
Lets face it, without them we simply have an empty nest egg. A place that instead of earning us cash is actually costing us money – ouch!
So, let’s start with the founding principle. Finding the tenant to start with…
The way we go about finding a tenant for properties has changed dramatically since the birth of the digital age. Instead of scouring the newspaper 92% of potential tenants turn to the likes of Rightmove.
Rightmove is the UK’s largest property search portal and the 7th largest website in the UK. With Zoopla a close second getting more than 30 million visits a month.
In my opinion one of the greatest things about listing a property on an online search portal is the amount of information you’re able to provide the potential client with. Instead of one photo in a newspaper you can opt for the optimal amount of 9 to really peak the potential tenants interest.
I simply wont even book a viewing of a house if it doesn’t have a floor-plan. So why should you’re potential tenants? – A floor plan is essential in enabling you to visualise your life.
How To Choose The Right Tenant?
It’s one thing finding tenants. It’s another finding the right tenants. Shows such as ‘Nightmare Tenants, Slum Landlords‘ are enough to put you off for life. So, how do you ensure that you’re not going to be caught out?
Due to the sheer number of enquiries some properties to let get, it’s important to have a set number of questions you ask before the viewing stage – to ensure you’re not left wasting both yours and the tenants time.
Questions to ask the tenant over the phone should include;
When are you looking to move?
Why are you looking to move?
Where do you work?
Should they meet you’re requirements at the telephone stage, then the tenant is likely to go onto the viewing stage of the process. It’s here as a landlord you should expect to be asked questions about the property. The types of questions you should be prepared to answer include;
What’s the cost of the council tax?
Where is the nearest bus stop?
How much are the energy bills likely to cost?
To learn more information about how to find the right tenant for your property, be sure to check out this fantastic 22 page guide. It’s full of hints and tips to maximise your chances of finding the very best tenant for your property.
Keeping Tenants Happy
Congratulations! You’ve found your perfect tenants. However, the work for you as a landlord isn’t over. It’s now important that you continue to ensure that your tenants remain happy to ensure they stay in the property.
The longer you hang on to tenants the less time and money you’ll spend re-letting your property, so it’s well worth putting a little effort into establishing a good relationship.
However, it’s good to know that a good relationship is often easy to establish with tenants provided you follow some simple guidelines. If you’re a new landlord then be sure to check out this simple and easy to follow guide for ideas on how you can ensure that you continue to keep your tenants happy.
As always I’d love to know your hints and tips when it comes to finding, and keeping tenants as a landlord. If you have any secrets you’d like to share then feel free to leave a comment below.
In collaboration with Upad.