How To Attract Long Term Tenants

September 7th 2019
By: Thomas Morris
How To Attract Long Term Tenants

The type of tenant you have in your rental property affects how you operate as a landlord. If you have a courteous tenant, who pays their rent on time and cares for your rental property, you will find your work easier. On top of this, there will be characteristics which landlords look for in a tenant.

You may have a personal preference when it comes to which tenant you welcome to your rental accommodation. Some landlords like to let to families, believing there is stability in letting to this group. Other landlords appreciate young professionals, as there is a belief this group offers the best return on investment.

At Thomas Morris, we believe there is a suitable tenant for every landlord”, said Thomas Morris Biggleswade Branch Manager Ryan Coyne. “Many landlords appreciate long-term tenants. A long-term tenant provides stability, and it can significantly reduce costs, time and concerns about void periods. If you would prefer to find a tenant looking to let long-term, let us know.”

The vetting process says a lot about tenants

The vetting stage is critical for landlords, and we are more than happy to assist in this process. It is crucial to speak with tenants and get a feel for what they want from the rental process. If you are intent on letting to one tenant for a sustained period, it is vital to question the tenant on how long they are likely to stay in the rental property.

There are many factors to consider, so this isn’t the only thing a landlord should decide on, but if the tenant creates an overall positive impression and is keen to stay for an extended period, their application should receive serious consideration.

Set the rent at a reasonable price

There are many elements to consider when setting the rent, but long-term goals will trump short-term benefits for some landlords. Many landlords are happy to charge a slightly lower rent if they can persuade a tenant to agree to a longer-term.

A higher rent may bring more money in on the first month or two, but the threat of a void period persuades many landlords to consider the longer-term benefits of consistency. Even after a few months of a higher rent, a void period of one or two months can wipe out all the income a landlord has enjoyed to this point in time.

Stage your rental property with a specific tenant in mind

If you want to let to a particular tenant, you should stage the property with this tenant in mind. No matter which tenant fits the bill for your requirements, there will be features and furniture you can add which appeal to them. We have worked closely with many Biggleswade landlords, helping them reach out to their preferred tenant.

Letting your home is stressful, but with the right support, you can make the process easier. Book a valuation at a time that is of suitable to you or alternatively, you can phone our Biggleswade branch, managed by Ryan Coyne by calling us on 01767 310111.