The BTL, Buy to Let industry has become much more regulated in the past couple of years which is not a bad thing because according to research1 19% of all property is rented out by private landlords, which equates to 4.3 million people living in private accommodation and tenants need to feel as though they have protection.
However according to new research2 almost 50% of tenants have fallen out or argued with their landlord over property issues during their tenancy. Unsurprisingly their study has also flagged up that if the tenant falls out with the landlord they will inevitably look for alternative accommodation – which highlights the importance of making sure that if you are landlord you keep on top of any issues your tenants might have.
The survey by Lightbulbs Direct revealed that 49% had said they had argued with their tenant, with 89% stating that they would consider moving and 18% saying that they felt as though they couldn’t approach their landlords over any issue.
Interestingly most call outs from tenants were because of damaged windows – 66%, a request to redecorate – 49%, a broken appliance – 46%, blocked toilet 44% and 33% for cleaning a dirty property.
The younger generation tends to fall out more with their landlords, with 65% of 18-24 having had disputes with their landlords, 66% of 25-44 year olds have also argued and only 36% of 55-64 year olds and 34% of people aged 65 and over.
The older generation, those 65 and over are also much more likely to pay their rent, 5% compared to 44% of those tenants aged between 25-34 years.
Keeping up the lines of communication is always the best way to make sure that your tenant feels looked after. Take each issue seriously and deal with it in a professional and timely manner, the more you look after your tenant the longer they will stay ensuring that you have a constant flow of income and less empty periods.
At Finch & Co we make sure that we give the best possible service to our tenants and landlords, if you would like to find out more please follow this link or call our property managers on 020 8542 1193.
2. Light Bulbs direct