Why your relationship with tenants could be the key to attracting more landlords
Landlords want to know that they're working with the best estate and letting agents to help them deal with renting their property and looking after their tenants - so make your agency stand out in the market by boosting your standing with tenants through good property management.
Property management is a relationship. When it’s done right, everyone benefits. The tenant has a good experience and so will want to stay in the property for longer; your landlords know that they’ll have less hassle and shorter void periods; and your agency can earn more and attract new landlords through that professional profile.
Once you build up a good retention rate of tenants, you can share these stats on how long your tenants stay in your landlords’ properties to persuade any landlords looking for new property management services that you're the right agent for them.
But how can you build that retention rate? Happy tenants stay for longer and showing them your support from the beginning of the rental period will make them aware that they’re dealing with a responsible agent - and “the tenants of today are the landlords of tomorrow,” says Adam Charlton, Homes Partnership.
If you create a memorably good experience for your tenants now, they are more likely to come to you when they’re looking for their own property manager, coming full circle.
How you can create the best experience for tenants
Help your tenants through the referencing process
You should always aim to start on the right foot. You can build a strong relationship with tenants even before they sign their contract by taking them through all the steps they can expect from the rental process.
Make sure that they understand why the referencing process is important and what they'll be asked to provide at each step.
If there are any technologies that they can use in the process, such as open banking, to check their financial health, or biometric facial technology, to validate their ID, help them understand how these can speed up the process so that their references can be validated more quickly.
Show your commitment to giving them the best experience
Once they’ve signed the contract, this is where you can double down on letting your tenants know how you will continue to work with them to offer the best possible renting experience.
You can tell them directly that you're dedicated to supporting them throughout the duration of their tenancy.
Continue to communicate with your tenants
From then on, it’s a question of communication.
You should keep your tenants informed of any upcoming planned maintenance or checks, and make sure they know that they can contact you if any issues were to arise, in the knowledge that the concern will be treated fairly and quickly.
Fix your tenants maintenance issues promptly
A property that’s well-kept, with any maintenance issues promptly resolved, will not only help retain the current tenants.
It will be an attractive feature for future tenants as well, reducing your landlords’ void periods, potentially increasing the value of the property for rent, and meaning fewer costs in the long-run, as a small issue could become more costly if left unattended.
Stay up to date on lettings legislation to show your expertise
And finally, make sure you’re an expert in lettings legislation and regulations.
The upcoming Regulation of Property Agents will ensure that agents meet certain criteria along these lines in the near future, so taking the initiative to get qualified early will only help improve your standing with your landlords and their tenants.
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