• How to manage tenants and keep them happy #28

  • Oct 2 2024
  • Length: 24 mins
  • Podcast

How to manage tenants and keep them happy #28

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  • Good tenants are precious, and landlords should do all they can (within reason!) to keep them happy and encourage them to stay. In this episode of Good Landlording, Suzanne Smith and Richard Jackson talk about how to keep tenants happy. Starting off on the right foot even at the viewing stage, so it creates a positive impression for new tenants, and keeping them happy once they've moved in. They borrow some ideas from the management of employees, and apply them to the management of tenants. This starts with an "onboarding" process to create a positive relationship - or the "psychological contract" in management speak. It's not all management theory. The episode is full of lots of practical tips to help landlords look after their tenants and keep the tenants happy. >> Related episode: #1: What makes a good tenant? >> Ask a question for the show: Click here for question form What we cover in this episodeWhat is "onboarding"?Why the "psychological contract" is important?What is a tenant onboarding or induction?Tenant reviews of landlords - Marks Out of TenancyProvide a welcome pack or house manual to tenantsWhat quiet enjoyment meansManaging repairsBe professional and business-like What is "onboarding"? Richard and Suzanne have both worked for American companies, and are used to the concept of "onboarding programs" for new employees. Onboarding is similar to what we call an an induction in the UK, but is more than that. It involves, welcoming a new employee into a company, showing them the ropes, and explaining what support there is, and also what the expectations are for the working relationship. Why the "psychological contract" is important? This onboarding idea is an important part of what's called the "psychological contract" between a company and an employee. It's how both parties understand their relationship outside of their formal contract of employment. It's all about how the employee feels about their boss and the company. It can be positive, or negative, and it starts at the interview stage. A similar psychological contract arises between tenants and landlords. Instead of a contract of employment, there's a tenancy agreement. This psychological contract is how the tenant feels about their rental property and their landlord, and is key to having happy tenants. We need to think about the psychological contract as starting from the very first moment that we meet the tenant when we're choosing them through agents or whether we're doing it ourselves. It continues when they move in and throughout the rest of the tenancy, until they eventually leave. What is a tenant onboarding or induction? Suzanne sees the relationship starting once she receives a message from an applicant through the online letting platform. Before they even view the property, she will have sent them suitability questions and may have called them (to avoid time-wasters). She also sends them a a link to the website for her property business, which has FAQs and a pet policy. At the viewing itself, she explains she's an Accredited Member of the NRLA, and that she's a good landlord who takes her obligations seriously and keeps the property in good repair. She sets expectations by saying she is looking for good long term tenants who look after the property, pay the rent on time, and are good neighbours. If they have a pet, she'll talk about her pet policy, and she tells them she increases the rent each year. This all ensures they know what they're getting before they make an offer to rent the property and send the holding deposit. Both Richard and Suzanne show the tenants around the property when they move in, and leave a house manual / welcome pack. Here are a few tips of things to cover when tenants checkin: Communication: explain the means of communicating with tenants, such as a WhatsApp group with the tenants to make it easy to contact each other.
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