Win-win ideas for landlords and their tenants
There are several things landlords can do to increase the profit they receive from their rental portfolio each month. Below are a few win-win opportunities for landlords to consider which will also benefit their tenants.
The horror stories of bad smells, damage to property and general nuisance pets can cause often put landlords off allowing them in their properties however there can be a number of benefits to being a pet-friendly landlord.
According to the Pet Food Manufacturers’ Association, 40% of UK households own a domestic pet, a share of the market landlords shouldn’t ignore.
If the number of pet-friendly properties in the area is quite low, this is a good way to fill a gap in the market and justify charging a higher rent or higher deposit to cover costs of any potential damage caused.
If a landlord agrees to allow pets in their property they should ensure they have a pet clause included in their tenancy agreement and ensure a professional inventory, with photographs, is compiled at the start of the tenancy as a safeguarding mechanism.
Portals such as Zoopla, OpenRent and SpareRoom all have advanced filters allowing tenants to search for properties where pets are permitted. Agreeing to consider pets will help broaden the property’s visibility to a wider market.
Good relationship with tenants
Landlords can avoid long void periods by creating and maintaining good relationships with their tenants. A simple welcome card, housewarming gift or welcome pack with information on the local area will be sure to start the tenancy off on the right foot.
It is important for landlords to provide tenants with contact details of who to contact, whether it is an agency or the landlord, should they have any questions and outline what they should do if they have an emergency outside working hours. This will help build a trusting relationship with tenants from the beginning.
Happy tenants are more likely to stay for a longer period and will often recommend their landlord to friends and family who may be looking to move.
Implement energy saving measures
Landlords who wish to invest in new technologies should consider solar storage solutions to offer their tenants more control over their energy consumption.
Sunplug combines cutting-edge home battery with an online app that landlords or tenants can store excess solar electricity for later use whilst monitoring how much energy is being generated, used, stored or exported to the grid. This solution can be available to landlords without solar on their properties and identifies areas where tenants can reduce their energy consumption and save money on their bills.
Landlords should be encourage to start implementing energy-saving measures on their properties now before the new minimum energy efficiency standards come into force in April 2018.
Smart storage heaters are up to 47% cheaper to run than electric convector heaters and often come with boost options for unexpected heat demands. Landlords can also save energy by switching to LED light bulbs which use 90% less energy than a halogen bulb and typically last up to 25 times longer.
By improving the energy efficiency of a home landlords will not only increase the value of their property but also make their property more attractive to prospective tenants.
Landlords should review, and potentially switch energy suppliers at least once a year. Many landlords are put off switching suppliers as they feel the process is too complicated however hundreds of pounds could be saved each year.
Ask tenants to leave a review
Private tenants can rate and review properties they have lived in on review websites such as Asktenants.co.uk. Tenants can rate properties out of ten based on whether they had issues in some or all of the following areas: leaks/boiler, mould and condensation, flooring and carpets, brightness, noise levels, rodents/insects, traffic, parking, safety, energy bills, landlord/agents and deposit refund.
Ask Tenants also provides landlords with badges they can download free of charge to display next to their property advert so tenants can view their good reviews before agreeing to rent the property.
Full article available on LandlordTODAY: https://www.landlordtoday.co.uk/breaking-news/2017/4/quick-win-opportunities-for-landlords-and-their-tenants