My little thought nugget of the day ☀️Landlords: Can you use the Law of Attraction to attract the types of tenants you want?
Posted by Hannah McCartan on Friday, 24 April 2020
As you know, I’ve been working in lettings for almost 20 years. One of the things I often hear Swansea landlords saying is how difficult it can be to get the right tenants for their properties.
What they mean is that they’ve had bad experiences with tenants they’ve sourced or managed themselves: tenants who haven’t kept the property in a good condition, haven’t paid the rent on time and, as a result, the tenancy hasn’t been exactly what the landlord hoped or expected.
So, I’ve been thinking: what makes a good tenant, and how can I help Swansea landlords find the right tenant for them?
Individual Expectations – Same End-Goal
Everyone has different, individual expectations of what being a landlord is going to be like, and of what they expect from their tenants.
From my experience as a landlord and as a letting agent, I know you’re hoping to find tenants that will stay long term and pay the rent on time – and you expect them to keep the house clean and tidy and treat it with respect.
Law of Attraction
If you aren’t familiar with the Law of Attraction, it’s a philosophical idea that states that positive thinking will lead to positive experiences. If you give time and energy to something, it will come back to you. You attract positivity by giving positivity to the world.
I really feel that this applies to rental properties.
If you approach your rental property with an attitude of “well, it’s good enough, it’s only rental”, you’ll attract tenants that feel the same way – that think, “oh, it doesn’t matter, it’s only a rental”.
It isn’t “only a rental”, though. As landlords, we’re helping people to find and make a home.
What Can I Do?
If we show that we really care about our properties and want to make sure (as much as possible) that the people who will live in them are happy and at home, we will attract tenants who want just that – to be happy and make it their home. They’ll stay long term, pay their rent on time, and look after the property because they care.
And it’s not necessarily about putting in a brand new kitchen or bathroom suite, or consulting a high-end interior designer.
I think that the key element to showing your tenants that you respect your business and care about your rental property is cleaning.
Sure, tenants do tend to like new kitchens and bathrooms, and sometimes people’s standards of cleanliness differ, but tenants really seem to view how clean a property is seems to be a really important indicator of how much you, as the landlord, care.
Communicating Your Expectations
How clean your rental property is can also help communicate your expectations to your tenants. If it’s spotless when the tenants view and on the day they move in, you’re setting a standard for how you expect them to keep it – or at the very least, how you expect it to be left when they vacate.
If you’ve instructed an independent inventory clerk to compile an inventory and condition report for you (with photos – they’re crucial), you’ll have created a record of this, too, which will reinforce your expectations. At the end of the tenancy, you can send the report to them again as a reminder.
If you are looking to maximise your property’s appeal to attract the right type of tenant for you, why not book in for a 15 minute chat with one of our property experts here.