Jump to content
Jason McClean

Long term tenants - the key to a successful landlord?

Recommended Posts

Hi All

 

My experience is if you go above and beyond the call of duty to get and keep good tenants, the overall effect is a much more profitable property portfolio. Do you share the same experience?

 

I have recently had a number of tenants move out for various reasons (from divorce through to losing jobs) and cannot believe the cost of finding new tenants coupled with the inevitable weeks/months of empty property (mortgage payments), repairs and maintenance needed and even council tax payments during the empty period.

 

If there is one way to ensure profitable properties, my advice is do all you can to retain good tenants. My profits for 2014 halved compared to 2013 because of these tenant moves and changes. I appreciate it is not all within our control, but I ask for 12-month ASTs every time now and have had full agreement across the board.

 

I genuinely think putting energy into this is worth hundreds or thousands of pounds per property per year.

 

Keen to see what you all think.


Jason McClean

The Property Insurer

07734-113554

 

http://www.thepropertyinsurer.co.uk

http://www.thehomeinsurer.co.uk

http://www.smartlandlord.co.uk

 

The Property Insurer has one aim only – to be the leading specialist price comparison insurance website in the UK, providing the very best and most appropriate property insurance cover at the keenest price.

 

That’s our aim and we are not a big conglomerate that has hungry shareholders, we are a small company that is taking a long term sustainable approach to business that we think is responsible and will work for everyone we deal with, whether broker, insurer or customer.
Not being a conglomerate is a good thing for us all as we do not have huge overheads or costs to cover – that means lower cost of insurance for you.
Any comments or suggestions are gratefully received, please send to Jason@thepropertyinsurer.co.uk. Jason is a Director so when you get through to him, you can be sure you are speaking with someone who wants to listen and will do so very carefully.

Share this post


Link to post

Absolutely - this is why I don't buy the political argument that landlords are jacking up rents at every opportunity and would kick a good tenant out to make an extra tenner. Just today I agreed to a new 12 month tenancy for tenants who I've not heard a peep out of in a year, and at the last inspection the place was immaculate. Given trends in the area I could probably have pushed for an extra £50 on the rent, but why would I risk that?

 

I do think there's an argument for doing an initial 6 month trial AST before moving to 12, because if the tenant does turn out to be not the greatest you can potentially get them out faster.

Share this post


Link to post

Agreed.  Last year I used my good tenants as one of the first stage of vetting their potential replacements as I self manage and wasn't available for the open day viewings.  They made the right call and just over a year on the new tenant has been great.  Also held of of a rent increase for the same reason as Rob.

Share this post


Link to post

Hi Jason - I agree with all that's been said here.  Giving tenants just that "little bit extra" makes all the difference.  I also self-manage and make a point of responding to any communication/problem immediately, even if I can't do anything straightaway I keep in touch.  Most of the communication is done by email but I always make a point of having a chat early on to make sure of the situation. And to empathise!!.  Charging a reasonable rent from the beginning and sticking with it is good. The idea is to make them feel that they're getting a good deal and that you care, and to make  you feel good about  keeping the tenants happy and the rent coming in!

Regards

Marion

 

Share this post


Link to post

Thanks all!

 

I don't get landlords that squeeze every penny and are tardy in responding to property problems or make do with delivering the cheapest carpet/fix/update. They give landlords a bad name and must have much higher turnover costs.

 

To make being a landlord work isn't rocket science, it takes empathy. Put yourself in the tenant's shoes.


Jason McClean

The Property Insurer

07734-113554

 

http://www.thepropertyinsurer.co.uk

http://www.thehomeinsurer.co.uk

http://www.smartlandlord.co.uk

 

The Property Insurer has one aim only – to be the leading specialist price comparison insurance website in the UK, providing the very best and most appropriate property insurance cover at the keenest price.

 

That’s our aim and we are not a big conglomerate that has hungry shareholders, we are a small company that is taking a long term sustainable approach to business that we think is responsible and will work for everyone we deal with, whether broker, insurer or customer.
Not being a conglomerate is a good thing for us all as we do not have huge overheads or costs to cover – that means lower cost of insurance for you.
Any comments or suggestions are gratefully received, please send to Jason@thepropertyinsurer.co.uk. Jason is a Director so when you get through to him, you can be sure you are speaking with someone who wants to listen and will do so very carefully.

Share this post


Link to post

the long time or long term tenants are precious assets for any Landlord with few exceptions. If you have good long-term tenants, they save you from lots of hassles. Finding a new tenant that is good, is one of the biggest puzzles of the landlord business. For more information visit at: https://www.myrsa.in

Share this post


Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×