Are you struggling with tenant retention? Being unable to keep tenants can be hugely damaging to your buy-to-let operations, resulting in void periods, reduced ROI and stress for landlords. Although some tenants vacate their rental properties for unavoidable reasons such as moving for work or purchasing their first home, many tenants leave for reasons that can be mitigated with the help of a good property agency. Here are five reasons why your tenants aren’t staying, and how to fix them for happier tenants and healthier portfolio growth:
Poor Property Maintenance
Property maintenance issues can make it hard to live happily in a rental home – especially when these problems aren’t getting fixed. 15% of tenants say that disrepair would cause them to look elsewhere for accommodation, with common issues such as faulty boilers, leaks, and damp and mould all making daily life unpleasant for occupants. Tenants may be driven to vacate the property in the hopes of finding another home which isn’t plagued with these issues.
It’s important for landlords to choose an agent that has a tried and true method of dealing with these issues – here at Centrick we use FixFlo so that tenants can easily submit issues round the clock. Our 24/7 emergency team is on call to help with the most untimely property maintenance issues, meaning that the properties we manage always have access to the best property maintenance, no matter the time.
Inadequate Communication
Tenants will get frustrated if they cannot contact their landlord or agency with their queries or concerns. Some queries – especially pertaining to maintenance issues and issues with neighbours – are time sensitive and ought to be dealt with quickly to minimise disruption for tenants, Calling, texting and emailing your landlord to no avail is sure to leave tenants feeling ignored and unappreciated which over time can lead to tenants searching elsewhere for a property ran by a more diligent landlord.
Inadequate communication between landlords can be mitigated by landlords choosing to work with an agent that can help them manage their portfolio of properties. Landlords may not always be available due to work commitments, family or travel – however, a dedicated managing agent will always be on-hand to communicate with tenants, help them and solve any problems they may be experiencing. This is one of the primary reasons why many of our landlords here at Centrick choose us to manage their properties, giving landlords greater peace of mind that their tenants will never go ignored.
Poor Value For Money
Some tenants may think they can find properties elsewhere that suit their needs better for their budget. With over a quarter of tenants saying poor value for money is a dealbreaker, it has never been more important to obtain a reliable professional valuation.
Landlords therefore need to work alongside an agent they can trust to provide a valuation that is appropriate and reflective of the modern lettings landscape. With greater competition from BTR, a greater need for outdoor space due to increasing pet ownership and lifestyle changes, and home offices taking priority in this era of hybrid-work, the face of modern letting has changed – be sure that your unit is on the market for a price that reflects this.
Unhappy With The Neighbourhood
From feuds with neighbours, to noise pollution, or a general dislike for the local area – sometimes, tenants don’t feel like their new home is the perfect fit for them. The most pervasive of these neighbourhood issues for tenants is actually the people they live around, with 17% of tenants claiming to dislike their neighbours. Although personal feuds are hard to mitigate, other neighbourhood issues can be helped. Is your property near a busy road? Are there construction works occurring nearby? Is there a music venue closeby that could potentially disrupt tenant’s lives. This can be mitigated by doing your due diligence before investing in property, being upfront with your tenants, and listing your property for an appropriate rental price despite its potential pitfalls. This ensures that tenants know what they are signing up for, thereby reducing the risk of issues further on in their tenancy.
Lack Of Space
27.4% of tenants say a lack of space would cause them to move. This can be hard for landlords to mitigate – however there are a few things you can do to reduce the risk of unhappy tenants complaining of a lack of space.
Many landlords choose to offer their properties unfurnished, allowing their tenants to utilise the empty available space as they wish – bedrooms can become offices, living rooms can become dining rooms, and conservatories can become extra bedrooms. Some landlords will even start to convert lofts and garages to add additional bedrooms to their properties, which can be particularly valuable if three or four bedroom properties in your area are more in demand than one or two bedroom properties. Lastly, landlords can reduce the likelihood of tenants leaving due to inadequate space by making sure to not rent to too many tenants or permitted occupiers in the first case.
Boost Your Tenant Retention With Centrick
Keeping your tenants happy isn’t always easy, which is why Centrick is here to help. Our dedicated lettings team can help landlords handle the entire tenancy process from start to finish, carrying out viewings and referencing, handling deposits, and dealing with any queries and maintenance issues throughout the tenancy. We offer a truly comprehensive package that makes letting out your properties a breeze.
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