Tenant Retentions In Wandsworth

Improving your tenant retention score is plane sailing if you do the following that this blog will cover!!

The average period a tenant rents a property in Wandsworth has increased from 14 months to 20 months. It is not unusual to offer 18 months to 3 -year contracts for a new tenancy. However, it takes much more to keep a tenant in a property than just signing a peace of paper. Here at Lets Find A Home our full management portfolio tenant average in Wandsworth is 36 months. When signing a peace of paper what is of intrisic value to the landlord and the tenant is the relationship between them. This does require a level of competence by the agent or landlord in holding it together!!

Tenant Retention is a critical aspect to maintain a stable, profitable rental property and sometimes getting the balance right is easier said than done because there are so many unknowns involved once a tenancy begins. Having said that there are key factors which help when managing a tenancy.

Here are eight key factors for achieving higher tenant retention, than the average, when managing a tenancy:

1. Communication
Effective communication in terms of being responsive to address maintenance issues in a timely fashion provides the confidence a tenant is looking for. And always remember to keep the lines of communication open when managing a tenancy is vital - which adequately takes us to point two.

2. Responsiveness 
This is the key part of communication as it will improve tenant satisfaction, when quick and effective measures are put in place for maintenance requests.

3. Professionalism
Always be polite and courteous when speaking to your tenants, this creates a positive landlord and tenant relationship.

4. Regular Property Maintenance
The most important part of property management, most landlords seem to think once their tenants move in, it's job done. Well, they couldn't be more mistaken and it's part of a landlords continued professionalism to provide such inspections. Usually this is every 4 months in the first year and when they stay for longer and you have built "better relationships" it can be every 6 months (provided you are happy in the way your tenants are looking after your property).

Property inspections are vital for the following reasons:
•    To check there is no sub-letting
•    Property kept clean/tidy
•    Check any maintenance issues
•    No illegal activity taking place

5. Flexibility
Being flexible and understanding will make a tenant feel more valued, when you accommodate reasonable requests.

6. Long Term Planning
Focus on long term relationships with tenants as a stable long-term tenant is often more valuable than a constant turnover of renters moving in/out of your property.

7. Screening and Selection
The most important aspect is knowing what type of tenant you're looking for and the other is carrying out the references. Robust tenant reference checks to determine suitability takes an added incentive whatever the income as rents have rocketed in Wandsworth due to the demand/supply imbalance. Experience also plays a vital part when you start the process of securing a tenancy, as you start to build a better picture of how you're going to get on with your tenant(s).

8. Conflict & Resolution
Develop conflict resolution skills to handle awkward situations when they unravel, fair and timely resolutions are crucial and as mentioned above always keep the line of communication open at all times.

There are many more, but remember building long term relationships with your tenants is essential when it comes to tenant retentions. All the above are aimed at beating the average which is 20 months.

Alternatively you may like Lets Find A Home to help in renting out your property in Wandsworth one of London's most established rental postcodes. Look no further than giving us a call on 020 8870 5800 afterall, our average tenant retentions take some beating at 36 months!!

Other areas we cover are: Putney, Southfields, Earlsfield, Clapham Junction, Tooting Broadway, Tooting Bec, Furzedown, Balham, Battersea, Nine Elms, Mitcham, Morden, Sutton, Wallington, Hackbridge, Croydon and Purley.

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