Tenant Stability in Professional HMOs
We as landlords, we want to maximize our time…money and sanity, we strive to have tenant stability. Good quality, on time paying tenants are our bread and butter. I want to share some of the ways we “attempt” to create tenant stability in our Professional HMOs in Manchester.
- Tenant Screening
Every good “normal” landlord will screen your applicant’s credit and criminal history. We want to see payment stubs….we want stability at work and where they live We look at how often they move? Are they moving year after year or generally staying in place? Moving is a red flag for us and should be for you as well.
2. Longer Lease Terms increase stability
With Professional HMOs most are on 6 month AST. It would be a nice thing to get longer…If you have a buy to let, maybe look to have leases that might be somewhat longer. Find out before you signup a tenant how long they think they might want to live in the property. The longer the better if they are a good prospect.
3. Tenant Signup
At the lease signing process with a new tenant, make sure you set up to meet at the property and go over all the provisions and terms of the lease. Explain that a lease is a legally binding contract Thoroughly discuss and get to know them. Use some of this time to promote tenant stability. Tell them that you will be there for any issues in the Professional HMO and actually be there & fix any maintenance issue timely. For instance since we are finally seeing the sun in Manchester, one of the tenants of our professional HMO asked for some patio furniture. We did not have, but we ordered from Argos a set. This went a long way for the tenant. It is a give and take relationship.
4. Treat your Tenants with Respect
Not just listening but do the obvious….maintain your Professional HMO properties. Make timely necessary repairs? Address any concerns or complaints from your tenants. Nothing will chase away a good tenant faster than a negligent landlord. Keep your properties in good condition, and communicate with your tenants.
5. Make your Professional HMOs to a High Standard
We make our professional HMOs modern and to a high spec. We do this to get a higher rent than our competitors plus our tenants stay longer. More so we have less maintenance. There are always some small things…but the big things are taken care of during the renovation.
Please add your thoughts…