Long term tenants

Whether you’re a seasoned investor or about to embark on your first buy-to-let property, the value of having good long-term tenants can never be under estimated. However, getting such tenants is not always simple, nor is it easy. Landlords can suffer from a high turnover of unsuitable tenants and the time and effort taken to replace occupants can be expensive. The ideal scenario is to have long-term tenants for your property who you can trust and get on with well.

What are the benefits?

The primary benefit of having long-term residents is that it establishes regular income from the property (negating any vacant periods where you won’t earn) and saves you the hassle of constantly advertising for prospective tenants. Furthermore, having a lower turnover of people living in your property means less chance of encountering a bad tenant, for example, one that neglects the house and causes expensive damage. Adding to this, you will not have the cost of cleaning and redecorating the property after each tenant moves out too.

Moreover, it helps to develop a trusting working relationship with the tenant and having happy ones can, in turn, result in good referrals, which is especially useful if you have multiple rental properties.

Good relationship

It is important when a new tenant moves in that you are there to deal with any initial queries or issues. Check in with them regularly and really listen to any concerns they may have, rather than dismiss them. It may slightly dent your pride to see that a tenant has issues with your property, but no house is perfect. If you need to visit the property for any minor fixes, it is a good opportunity to see how they are settling in and whether they are treating the property with care.

Assistance required?

If you are looking for a new or re-mortgage please make contact and one of our advisers will be happy to help.