Renewal talks with tenancies usually happen around three months before the end of a rental contract. These days however, they are happening a lot sooner (some up to a year!), with tenants taking stock of their options before deciding on their next move.
Tenants are keen on getting maximum value when renting a property. Some can even be long term renters, who are becoming savvier with the ever changing market conditions and price inflations. So with this information, landlords need to ensure they are making the right decisions in both attracting and retaining good tenants.
Open a line of dialogue
Landlords should aim to be approachable and act in a timely manner should any problems crop up in their rental property. This also means keeping on top of general maintenance issues and dealing with them in a swift manner. Another option would be to instruct a property management service to act on your behalf, should you prefer to be more hands off. Find out more about how Darlows can help you as a landlord.
Put yourself in a tenant’s shoes
It’s common for landlords to get caught up in their own tasks, but think about taking a look at your competition and consider what your tenants might see when they look elsewhere. You should also consider upgrading fixtures and fittings; tenants are able to spot cheap fittings and if they’re looking to rent long term, they’ll want a certain standard and might look somewhere else.
It’s important to place some trust in your agent; they are able to offer professional advice that can be of some use, including current market conditions, and the wants and needs of the modern day tenant.
Keep the rent flexible
There is a potential long term benefit in a rent decrease. Although it can be surprising, if an existing tenant is negotiating their rent come renewal time, be cautious not to make a snap decision. Keep a level head, as the market is always subject to change. This can be of benefit if wanting to avoid a pricey void period.