The tenants in your Professional HMO basically pay your mortgage and put food on your families tables. Turn over and empties are severe issues to contend with as Landlords. Vacancies can cost you money in lost rents and in turnover expenses. The best way to ensure profitability is to keep your tenants in your Professional HMOs need to be long-term and avoid recurring vacancies. Some tenants move because of a change in their job, life situation, or circumstances you can’t control as a landlord. Others move because they are no longer happy where they live or feel their needs can be better served elsewhere. So, how do you keep your tenants happy?
The way we manage our professional HMOs, our tenants know we are always available for them. If they have a maintenance issue….or even an issue with payment. We just had one long term tenant who is never late on her payments ask if she could pay a week late due to Christmas. We explained her that it is against our policy in our Professional HMOs however because she has always paid on time we will work with her.
Basically treat the tenants the way we ourselves would want to be treated. Speak to them the way that you would want to be spoken to. This is important because it will remind you that when it comes time to make tough or expensive decisions, you base your decision off of the human factor and not just the bottom line.
More so we are always proactive on maintenance on our Professional HMOs.
- Take care of maintenance, preventative and reactive. We take care of maintenance issues in a timely manner. We address the issues quickly. Also, take care of the small things that will need to be taken care of in the future. Make sure your tenants see you and that they notice that you’re looking out for them. We also do maintenance to avoid bigger problems in the future.
The happier the tenants in your Professional HMO….the higher quality Professional HMO you will have…plus longer term tenants.
Recent Comments