Ah, the end of a tenancy agreement. As a landlord, it can be a time of mixed emotions. You’ve (hopefully) enjoyed a stable rental period with reliable tenants, but the uncertainty of what comes next can linger. Will your fantastic tenants choose to stay? Or will you be faced with the prospect of finding new occupants and the associated upheaval?
We’re here to help you navigate the renewal process and increase the chances of retaining your stellar tenants.
The Power of Continuity: Why Renewals Matter
Let’s be honest, finding great tenants takes time and effort. From sifting through applications to conducting viewings and referencing checks, it’s a process you wouldn’t want to repeat more often than necessary. Retaining good tenants not only saves you time and money, but it also provides a sense of security and stability for both parties. Reliable tenants who take care of your property are a gem, so here’s how to encourage them to stay:
Open Communication is Key
Maintaining a good relationship with your tenants is crucial. If you are responsible for the management of the property, respond promptly to maintenance requests, be approachable for any questions or concerns, and consider the occasional friendly check-in (via email or phone, of course!). If your property is managed by an agent, ensure good communication with the property management team whenever issues arise.
Be Proactive, Not Reactive
Minor issues left unattended can snowball into bigger problems. Schedule regular inspections (as outlined in the tenancy agreement) to identify and address any potential maintenance concerns before they escalate.
Consider Incentives for Renewal
Sometimes a little sweetener goes a long way. If possible, offering a slightly lower rent increase can show your appreciation and encourage your tenants to stay put.
Renegotiating the Agreement: A Time for Fairness
At Jacobs Steel, our Property Managers are on-top of tenancy renewals way before the renewal date, so we will already have conducted a review on the market and achievable rents, know of any requests from your tenants and have a new agreement prepared.
For landlords that manage the tenancy themselves, it’s important to remember that the renewal process is a two-way street. While you want to keep your tenants happy, it’s also important to ensure the agreement reflects current market trends.
Rent Review
Researching rental trends in your area (resources like Rightmove or Zoopla will help you determine a fair and competitive rent increase for the new term.
Addressing Tenant Requests
Perhaps your tenants have requested specific changes, such as allowing a pet or adding a designated parking space. Consider these requests within reason and be open to negotiation, if possible, especially if it means keeping reliable tenants.
Clarity is Key
Ensure the new agreement is clear, concise, and up-to-date. Include all relevant details, from the revised rent amount to the length of the tenancy, and make sure both parties have a signed copy.
When Renewal Isn’t the Right Choice
While tenant retention is ideal, it’s not always feasible. If your tenants decide to move on, don’t panic! This could be an opportunity to re-evaluate your rental strategy. Use this time to consider:
Property Upgrades
Perhaps some minor cosmetic improvements or energy-efficient upgrades could make your property more appealing to a wider range of potential tenants.
Market Rent Review
Is your current rent in line with market trends? A competitive rent price can significantly increase your chances of attracting high-quality tenants and, with rents on the rise, likely increase your return on investment as well.
Your Partner in Successful Landlording
At Jacobs Steel, we understand the importance of successful and stress-free tenancies for both landlords and tenants. From tenant vetting and property management to legal guidance and market analysis, we offer a comprehensive range of services to help you navigate the world of rentals with confidence.
We have one of the biggest back-office operations locally, with a ‘move in’ specialist to ensure smooth transitions, an accounts specialist to manage rent payments, and a more personal service with a dedicated Property Management team who will:
- • act as your liaison between with tradespeople
- • conduct periodic inspections
- • stay on top of tenancy renewals, so that there are no lapsed tenancies
- • stay on top of certificates and legal compliance
- • keep on top of any changes in market rents and advice accordingly
Our Lettings Manager, Ollie Whiting, also always revalues the property at end of tenancy to make sure the rental value is up to date. And finally, we have an epic contractor team who are super reliable and on hand to get issues fixed quickly.
So, whether you’re looking to retain your fantastic tenants or embark on the search for new ones, get in touch with our team today. We’re here to help you make informed decisions and achieve your property management goals.