The Inside Edge
Managing a property is something that can take time but must be done well and efficiently if you are to receive a return on your property investment and attract the right tenants. The Autumn 2014 Lettingstats report indicates that 75% of tenants surveyed think that their property is managed either very well or quite well. So to ensure that you fall within this category, Glenham Property Management has put together some top tips to help you on your way.
Almost 25% of tenants spend 30% – 40% of their income on rental with 31% of respondents living in rented property for a continued period of 3 – 5 years*. This suggests that tenants are willing to spend money on a property they will find comfortable; a reliable longer-term tenant can be less stress than lots of short-term lettings!
Top Tip: Research your market and competition to establish the standards expected and you are competing against. Then decorate and furnish your property to a better standard than the competition as this will drive a higher yield.
86% of tenants have never experienced a rental increase during their tenancy*. This can often be the case when both landlord and tenants are in a comfort zone.
Top Tip: Stay alert to rental rates and property prices in your area to ensure that you are competitive. If you do feel that a rental increase is justified then explain to your tenant why this is the case; often presenting some sort of value-added benefit to the tenant can ease the blow.
Vacate the Property
Your circumstances have changed and you need your property back. Did you know that 95% of tenants felt any request to vacate property was reasonable*.
Top Tip: Ensure that the contract clearly establishes tenancy termination so you are legally within your rights to request that the tenant leaves but try to be a human too – many tenants become attached to the rental property and view it as their home so provide as much notice as possible and try to be flexible with exit dates.
The most popular reason (25% of respondents) noted for moving to a rented property was due to work or study relocation*.
Top Tip: Develop relationships with local businesses so that if they are recruiting employees from around the UK you are top of their recommended relocation list.
*Data taken from Autumn 2014 Lettingstats Report