What Can Landlords Do to Attract Long-Term Tenants?

Feb 25, 2019 by

Being a landlord is more than just having a house or flat to rent out. They also have to ensure their property meets health and safety regulations, have the correct landlord insurance cover, be prepared to deal with ongoing maintenance and importantly, find people to move in.

When a landlord finds the perfect tenant, it makes good business sense for them to secure a long-term tenancy with them. Let’s look at why long-term tenancy contracts are better for landlords and how they can attract the right tenants.

Why Long-Term Makes Sense

Securing longer-term rental periods can have many benefits for landlords, both financially and practically.

Reliable tenants that respect the property and pay rent on time aren’t always a given, so landlords should do their best to keep hold of them! Signing up tenants on long-term contracts means that landlords can enjoy a regular income and avoid their property sitting empty for long periods of time, losing them money. Also, they don’t have to worry about the time-consuming and expensive task of finding a new tenant, doing all the checks and arranging paperwork.

Another benefit is that the landlord-tenant relationship gets easier once they get to know one another over time. So, a landlord can enjoy long-term stability and so can the tenant – win-win!

How to Attract Long-Term Tenants

If you’re a landlord and want to know how you can attract long-term tenants, here are a few pointers.

Firstly, take steps to reassure your long-term tenants. Make sure they know their deposit is secure in a deposit protection scheme and advertise the fact that you have the correct landlord insurance cover from a professional provider like HomeLet.

Consider letting your tenant put their own stamp on the property by allowing them to paint the walls, put pictures up and buy new furniture. This doesn’t mean letting them have free reign; you can draw up guidelines or stipulate in the contract that they must return it to its original state (e.g. white walls) when they leave.

Rent to families with small children or people with pets – you’d be surprised at how many landlords restrict themselves by refusing to rent to these groups. These potential tenants are valuable as they’re likely to be looking for long-term stability. Plus, if your property is rented unfurnished then you don’t have to worry about damaged sofas anyway!

Finding the Right Tenant

If you’re not sure how to spot the perfect tenant when they come along, here are a few tips to make sure they’re the right fit for you:

  • Request character references from employers and previous landlords
  • Arrange to meet them so you can get a good idea what they’re like
  • Carry out checks to minimise risk – run a credit check, ask for payslips and make sure they provide details of a guarantor
  • Designate a six month probation period; start them off on an assured shorthold tenancy and then consider a longer tenancy type if they’re good tenants.

When renting out a property, make sure you secure a long-term contract when you find the right tenants. Not only will it provide you with better stability, it will also save you from the time-consuming and expensive process of looking for new tenants every few months.  

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