If you’re an experienced buy-to-let landlord you probably already know the value of a good tenant. That’s a tenant who pays rent on time, makes only reasonable demands and treats your property with care and respect.

Such tenants are like gold dust.  They can save a landlord a great deal of money and time in many ways – and even more so if you can hang onto them and therefore avoid periods without a tenant and the expense of hunting for new ones. 

Making a little effort to keep great tenants can be seen as good business insurance, insuring your BTL property by keeping desirable tenants.  How you do this is pretty straightforward; the main difficulty for many landlords is simply taking good tenants for granted and not making any sensible efforts.

Here are some simple steps you can take to hang on to good tenants

Don’t be greedy – When it comes to fixing the rent, either at the start of a tenancy or at renewal, think about how much cash can be saved by having a low-maintenance tenant in place: someone who doesn’t cause hassle and who pays every month on the dot.  If you use a letting agent, you won’t need to pay one to find you a new tenant if you can hang on the excellent one you have.  But the biggest expense you’ll avoid by getting them to stay on is having your property empty, a so-called void.  Even a short void can have a fairly dramatic effect on a BTL landlord’s yield.   

So, when you’ve taken all that into consideration, think about accepting a little less than the market rate for your property. Run the numbers and work out what a good tenant is worth to you in time and cash and then set your rent accordingly in the context of the current market rate.

Be early with the renewal – once you’ve decided to go in a little under the market rate, then make sure that you let your tenant know the good news well before renewal.  They will know your agreement is coming to an end and many tenants will start shopping around for other properties, if only to see what else is on the market for what they are currently paying. 

Unless the rental market is depressed, they’ll also be expecting a rent increase – another reason for them to take a look at what else is available.  By offering an attractive renewal rent good and early, you may well persuade your model tenant that shopping around isn’t necessary.  So, if your rental offer is attractive, communicate it a good two months before the current tenancy agreement expires.

Be accessible – Make sure your tenant has an easy way of communicating with you. If something goes wrong, or they need a quick answer to a simple question, the tenant will appreciate it if they can pick up the phone and speak to you.  So, if you’re dealing with a good tenant who you know will act responsibly, you should encourage them to call you when they need help.  They should be provided with an email address, a landline number and a mobile number. Return calls promptly, preferably within the hour.  This will make you stand out as a good landlord.

Fast response – Responding promptly to phone calls or emails is one thing, but it won’t get you far if you don’t also attend to the problem the tenant is telling you about.  Dealing with problems quickly will also mark you out as an above-average landlord. There are few things more annoying for a tenant than waiting and waiting for, say, a boiler to be fixed, or an electrical fault to be sorted out. Show you are professional by acting fast. That means that you should have a list of reliable trades people already lined up to cover most eventualities. Make sure, too, that your landlord’s insurance is up to date and you have the right cover, as a problem highlighted by a tenant may mean you need to claim.

And, if a solution can’t be offered quickly, let your tenant know what is happening. Don’t just sound like you’re making excuses, but explain the problem and what you’re doing to resolve it. Good communication, in a business-like way, is a huge plus.

Stick to your word – If you say you’ll do something, then make sure you do it.  Simple enough advice maybe, but it’s all too easy for an undertaking made in conversation to be forgotten later. Show you’re a good landlord by attending to details that have been agreed.   If you say a kitchen will be professionally cleaned before move-in day or a carpet will be replaced, make sure they are.

Be businesslike – It’s important to be efficient in your actions but also professional in the way you deal with your tenant.  Being too friendly can be off-putting to many tenants.  You have a business relationship in which the tenant is the customer, so they should be treated as such. Being direct, open and straightforward is nearly always the approach from a landlord most appreciated by a tenant.  Equally, it is downright stupid business sense for a landlord to be rude or offhand, so politeness whatever the circumstances is a no brainer.

Show appreciation – Say thanks to your good tenant. There’s no need to go overboard, but showing appreciation is always a positive.  If, when you inspect your property, you find it’s in unusually good order and condition, let your tenant know this by a sincere thank you, preferably in writing. Tell them they are exceptional tenants and that you really appreciate it.  If they’re good tenants, they’ll already know it; but anyone likes to be appreciated.

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YORK RESIDENTS ARE SAFEST IN THE UK

People in York are best placed to tackle DIY disasters as they are the most safety conscious at home, according to new statistics out today by home insurance provider Endsleigh.  Those living in Doncaster are at the other end of the scale - being named the most accident prone people in the UK.

The results also showed that six out of the top ten most accident prone towns and cities are in the South of England, with four of these being located in the South East.

The top three most and least accident prone towns and cities in the UK are:

Most accident prone:              1. Doncaster              2. Gloucester             3. Burnley

Least accident prone:             1. York                        2. Cambridge             3. Swindon

The new figures were revealed in Endsleigh’s ‘Home Accidents Report 2010’, which shows the top ten most and least accident prone towns and cities for accidental damage in the home.  The results were collected by analysing household claims over the last four years from tens of thousands of Endsleigh policyholders across the UK.

Endsleigh analyses the percentage of claims in different UK towns and cities against the number of Endsleigh policyholders, ranking them based on the comparative risk of accidental damage, rather than on the total number of claims there have been.

Stuart Wartalski, Endsleigh Spokesperson said,

“Accidents at home are not uncommon, but householders are particularly vulnerable to mishaps during bank holidays when many of us consider using the extended weekend as an opportunity to make long-awaited changes including spring cleans and home improvements.  This is why at Endsleigh we are giving away free home emergency cover to anyone who purchases joint contents and buildings insurance direct with us throughout April.  Residents of York are clearly well aware of the potential dangers at home, but it is important that they check they have adequate cover in case accidents do occur.”

Many accidents could be avoided by spending more time on planning and ensuring that the necessary precautions are taken.  Endsleigh’s top tips for reducing the risk of accidental damage in the home are:

• Plan enough time to do the job well – rushing things can not only mean that the job won’t be done properly, but it can also lead to accidents
• Never make do with equipment – you need to use appropriate tools for the tasks and always read the instructions first
• Before knocking into a wall, or even hammering a nail in, check that there are no water pipes or electrical wiring in the immediate area
• If painting or decorating a room, make sure that you think about more than just the walls – paint can get spilt or splashed, so get dust sheets to cover your carpets or flooring
• Know your limitations and plan well beforehand. If you are unsure whether you can do it or not, consult a professional

Endsleigh’s policies are available online via www.endsleigh.co.uk  and by telephone on 0800 028 3571.

-Ends-

Further Information

For more information, please contact the Endsleigh press team on 020 7618 9103 or at endsleigh@luther.co.uk.

Endsleigh is an independent intermediary specialising in the provision of insurance and financial products for career people.

Originally founded in 1965 to serve the student market, Endsleigh is now the preferred insurance supplier for a variety of professional organisations, offering a wide range of services including motor, home, student and travel insurance.

Endsleigh also offers business insurance through Endsleigh Business Insurance Services and financial advice through Endsleigh Financial Independent Tailoring.

The Property Ombudsman

If as a residential landlord or tenant you have a complaint about your letting agent then you may be able to resolve it by using the Property Ombudsman Scheme (TPO).

The TPO Scheme can award up to £25,000 to compensate you for 'actual, proven financial loss as a direct result of the actions or inactions of the agent and/or any avoidable aggravation, distress and inconvenience, over and above what is a stressful and inconvenient process at the best of times'.

The TPO Scheme

According to its website (www.tpos.co.uk), the TPO Scheme 'provides a free, fair and independent service for dealing with unresolved disputes between member agents and tenants and landlords of property in the UK'.

Complaints considered by the Ombudsman

The Ombudsman can investigate complaints made by landlords and tenants about their letting agent. Such complaints might arise if you consider that the letting agent has done any of the things listed below.

• Infringed your legal rights.
• Failed to follow the rules and obligations contained in the TPO Letting Code of Practice or failed to comply with any internal rules, procedures or statements of practice of the member.
• Treated you unfairly.
• Been guilty of maladministration (including inefficiency or undue delay).

The above factors must have resulted in you losing money or suffering avoidable stress or inconvenience.

Examples

Examples of disputes referred to The Property Ombudsman include:

• A letting agent's failure to perform adequate tenant referencing checks.
• Failure by the letting agent to regularly inspect the property, thereby resulting in property deterioration.
• Letting agents failing to explain that holding deposits are forfeited if the tenant does not proceed with renting the property.

Complaints not considered by the Ombudsman

The Ombudsman cannot deal with complaints in the following areas.

• Letting agents who are not members of the TPO Scheme.
• Complaints which are being, or have been handled by a court or similar body.
• Complaints concerning something that happened before the letting agent joined the letting part of the TPO Scheme or more than 12 months before you complained in writing to the letting agent.
• Complaints made more than six months after the date of the letting agent's final viewpoint letter.

Ombudsman action

Once your complaint is received, you will be sent a complaints form, together with information regarding its correct completion and how a decision is reached.

At every stage you will be informed of the options available to you.

Once the Ombudsman has reached a decision you are free to accept or reject it. However, the letting agent has to follow the Ombudsman's decision.

Acceptance means that you accept an award of financial compensation in full and final settlement of your dispute with the letting agent.

Rejection means that the Ombudsman's award will lapse and you can pursue further courses of action against the letting agent, including legal action.

Find out more about landlord insurance from Direct Line for Business. View original article The Property Ombudsman

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