While Gibraltar’s rental property market is buoyant and its Buy to Let sector continues to deliver attractive returns, retaining the right tenants is the key to longer-term gains (and happier tenants). Having a good renter retention plan in place is a simple way to minimise the costs involved with high tenant turnover. Here are five ways to deliver a positive living experience.
Whether it’s you or your property management service keeping in touch with tenants, establishing effective and direct communication with your renters is one of the easiest ways to keep them happy as it provides a space in which to voice concerns and reach you directly. WhatsApp is a great channel to do this by and most real estate companies use this platform to manage their rental properties too.
Often, rental tenants may have moved from different locations and are looking to meet new people and make a connection with the local community. Make sure that your new tenants feel connected to what’s going on where they live by linking them to social media groups and communities like their development’s Facebook page or WhatsApp group for example. Most real estate companies have social media pages and or can recommend a few societies and/or pages that are worth following too.
Building a positive tenant/landlord relationship helps and the odd personal touches can go a long way to foster a lasting tenancy. A welcome card with a few starter bits and pieces from the local shop can be a nice welcome to their new home and start the relationship off on a positive footing. Birthdays and/or certain religious celebrations such as Christmas, Diwali, Eid and Hanukka are also great times to get in touch with your tenants.
As well as keeping your tenants happy, keeping on top of essential repairs acts as a preventative measure for bigger issues that could eventually devalue your property and have a negative impact on the quality of life of renters. Proactive property maintenance also helps build trust between you and your renters which, in turn, can lead to higher retention rates and positive recommendations.
While the property rental agreement will cover the legalities and spell out the expectation of the future landlord/tenant relationship, a list of ‘rules’ goes a long way to start a tenancy off on a firm footing by showing that you care. It educates them on all the essentials like maintenance, utilities and rules around antisocial behaviours like noise, but also should include helpful things they need to know, for example, local internet companies, transport links, gyms and schools. If possible, the property owner would be the most suitable person to do this, but this can also be part of the property management company’s role.
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Phoenix Real Estate
28 Engineer Ln,
Gibraltar GX11 1AA