As a homeowner, long-term profitability is a number one priority. Other than keeping your property up to date and in good condition, there are a few other ways that you can achieve this goal.
By implementing some intangible features, your quest in attracting tenants who would be likely to want to pursue a longer rental agreement is made easier.
Here are a few suggestions on how to make the rental experience easier for prospective tenants, and thus ensure that long-term profitability goal.
1. Communication is key
There is a reason people say communication is key. It can make or break a relationship between tenant and landlord. Communication is not only essential with current tenants, but with prospective ones as well.
As a landlord, you need to have an open line of communication to answer all possible questions, queries, or concerns future tenants may have. To ensure this, it may be beneficial to open multiple communication platforms, such as email, text, and phone calls.
If communication isn’t your strength, why not consider hiring a property management company? At London Shared, we offer a stress-free way to rent out your property and we guarantee that your tenants will be our number one priority. By providing them with a dedicated member of our team to contact when needed, your tenants will always feel valued and heard.
Learn more about how we assist Landlords here.
2. Keeping up-to-date with maintenance
By regularly upgrading and renovating your property, you attract new tenants as well as keep current ones. These improvements can be as simple as adding an extra coat of paint or updating some appliances.
Your current tenants will appreciate your commitment to keeping them happy, which will likely lead them to write good reviews of your property online, and attract new possible tenants.
3. Online convenience
These days, the majority of connections are made online. When doing so, don’t forget to add important information, such as the size of the property, location, rental and extra amenities. It is also beneficial to add your or the property management companies contact details so that all queries can be answered.
By placing adverts on the various online platforms available, views on your property will soar.
Security is an essential aspect to consider when looking for a rental. You should consider investing in a security system such as cameras, alarms, or panic buttons.
It could also be beneficial to look into creating a neighborhood watch group, where other tenants or neighbors can keep each other up to date about security concerns.
By increasing security and showing your tenants that you care about their safety, your current tenants will more than likely stay loyal to you, and will hopefully attract new tenants.
5. Irresistible add ons
In today’s world, there is one thing most of us can not live without, and that’s wifi. With more and more people working from home, this can be a great addition to the lease.
Additionally, if your tenant has a car or other mode of transportation, it would be beneficial to add a parking spot in the rental agreement. This makes life more convenient for the tenant, as parking in London is far and few between.
The above are just some of the intangible features which will aid you in achieving your goal of long-term profitability, as well as grant you a good reputation in the rental business. Not only will your current tenants want to continue with their lease, but it will also attract new prospective tenants.