For a tenant renting a property, the situation can make them feel insecure; there is a certain amount of security that owning a property can bring that renting just can’t.
As such, bringing elements of security and stability into a tenancy can have an incredibly positive effect, attracting quality tenants, longer tenancies and, as a result, fewer issues and void periods. But what are we talking about when we say ‘stability’?
The way you make them feel
When your property is managed, the agency that you choose to do this can certainly have an impact, positive or negative, when it comes to that feeling of insecurity. From the first phone call to the initial viewings, from the application to moving in day, each step of the process can have a lasting effect. Let’s explain.
We recently heard of a tenant whose negative experience of searching for a property to rent had scared her a little. From the first call with another agency, she felt that she was being treated differently as she was a tenant rather than a buyer, and upon viewing properties she said there was no attempt to reassure her on the benefits of renting a particular property through the agency. This put up red flags, making her think, “What would it be like if something went wrong during the tenancy? I don’t want that stress.”
Tenants need to know that issues will be dealt with swiftly and professionally, and this is a major concern for prospective tenants, many of whom work in demanding sectors and are often commuting frequently for work. These tenants need to know that, should something go wrong, the agency managing their property will act appropriately.
It is often the ‘knowing’ that can provide the reassurance a tenant needs. They know who the agency is that is managing their property, and the person who they need to speak to should they need to. When this consistency is tampered with, tenants can start to feel nervous and apprehensive, making them wonder whether the property they are renting is really right for them.
Another recent tenant was renting a different property; the agency they were renting from changed hands, and with that the processes changed and things started to feel very different. They went from having a good relationship with their letting agent to one that felt distant and disjointed. They decided to move because of this, such was their need to have some stability.
A little understanding
We believe that by understanding our tenants, as we would our buyers, we can provide them with a high standard of service. No one likes going through the referencing process, but handled the correct way it can feel less daunting. Our team know our tenants, having this kind of relationship improves tenancies and satisfaction on all sides.
Stability is probably something you haven’t really thought about as a landlord, yet it can have a significant impact on your tenancy if not handled correctly. At Oakfield Estate Agents, we know how to make tenants feel; we provide the security and consistency that you and they are seeking, whilst treating everyone as individuals.
Our lettings department is growing, come and see the difference we can make to your property portfolio, because successful tenancies provide you with financial stability too!
Neil Newstead, FARLA MNAEA MIRPM
Chief Executive Officer, Oakfield Estate Agents