Tenancy renewal or end can be quite stressful periods for both you and your tenant.
Here a few things we learnt and would like any landlord to know as well:
1. Planning is the key to success – start the process early. Start the process well in advance, there’s no harm in approaching your tenant about a renewal 2 months ahead, if not 3. If they tell you they want to move out, start advertising as soon as possible.
2. Set clear expectations. Also be clear and fair, you know what needs replacing. Set out what you will expect from the tenant after the renewal if you expect anything different than originally agreed.
3. Check if your accounts are up to date. You might do this every month, but double check your accounts so you don’t end up having to waste time contacting your tenants for outstanding stuff.
4. Get feedback. Finish on a high, ask your tenants what they most enjoyed about living there, after all they might know the place better than you by now.
5. Sort the deposit repayment asap. Under no circumstances, should you withhold repayment of the deposit. If you need to seek compensation for any trouble, make sure your tenant agrees. If not, seek support from your deposit scheme to resolve this fairly. You can get into real trouble if the rules are not adhered to.
6. Be fair. Finally, be fair, this is not your chance to make a few extra quid – charge what you need to, and no more! After all what comes around goes around…
If you are looking for new tenants, your current tenants can help you with your next let. Be fair and professional, as word of mouth can be the best advertisement you could wish for.
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