The Landlord Works is built on strong foundations and aims to help improve the Private Rental Sector, says Paul Wootton.
A proud partner brand to The Mortgage Works, Nationwide’s Buy to Let lender, with over 30 years’ experience, The Landlord Works exists to support landlords.
There is a perceived divide between landlords and tenants often focusing on the bad experiences of both, leading to blame which often lands at the doors of landlords.
To have a thriving and productive Private Rental Sector it’s imperative that the needs of both landlords and tenants are mutually addressed, and solutions are found to encourage landlords to remain in the market and be able to operate profitable business models. And similarly, tenants must feel safe, protected and have a space they can call home.
Of course there are examples of challenges that both landlords and tenants face which can lead to angst, and there is always room for improvement. However, recent research from the Social Market Foundation highlights that landlord tenant relationships aren’t as bad as we may think.
81% of private renters say they are happy with their current property, and 85% say they are satisfied with their landlord.*
The Landlord Works alongside our brand partner Nationwide, are passionate about improving the rental market. We exist to support landlords successfully manage their investment, build stronger relationships with their tenants and improve the Private Rental Sector.
Does having a good tenant / landlord relationship make a difference?
It’s no surprise that having a good relationship with tenants will deliver a more profitable business model. The primary benefit is that happy tenants stay longer, this minimises rental voids, one of the biggest drains on a landlord’s ability to make profit. A secondary benefit is the reduction of costs to keep acquiring new tenants (taking into account marketing, tenant checks, inventories etc.) vs the cost of a renewal agreement.
Aside from the legal obligations a landlord has to ensure their tenants safety, providing a safe, welcoming and homely environment for a tenant is more likely to lead them to respect and be proud of their home. Tenants who care about their home, will be quicker to inform their landlord of challenges or issues in the property supporting quick remediation rather than problems escalating to an unmanageable, aggravated or costly outcome.
How can good landlord & tenant relationships be achieved?
Research suggests the most satisfied renters are older, therefore it’s important to keep reminding ourselves that some renters (often younger renters) are at the beginning of their journey to home ownership.
The greatest source of dissatisfaction amongst renters is ‘being a renter’.*
The cost of rent is always cited as the main concern for tenants, other challenges which are more easily remedied are; uncertainty of how long they’re able to stay, and a lack of understanding of personal space and schedules. On the flip side, tenants cite positives including; not having the responsibility for maintaining a property and living somewhere they couldn’t currently afford to buy.
Taking the above into consideration continuing to focus on improving these three elements could make a significant difference to the relationship landlords have with their tenants;
- build trust: being reliable with open lines of communication alongside being accessible and transparent will encourage tenants to speak up, help both parties understand the situation and eradicate ambiguity
- be adaptable: tenants may have children, be shift workers or have challenging daily routines. Understanding and adapting (a longer tenancy, the time of day you communicate) will go a long way
- respond to challenges proactively: whilst it’s your property it’s important to remember it’s a tenants home, protecting, investing and improving your property will enrich their lives too.
Not sure where to start? The Landlord Works free portfolio management tool has been built to help landlords increase profits and build long term relationships with tenants – keeping all important landlord information in one place to hand and easily accessible.
Paul Wootton is the Director of The Landlord Works – landlordworks.co.uk
The Landlord Works offer a free tool for landlords to support effective portfolio management.
* Research sources:
- Social Market Foundation: https://www.smf.co.uk/publications/private-rented-sector/