Why stability within a tenancy is necessary
When tenants stay for a long period it permits a landlord breathing space. And don’t we all need a bit of breathing space after the last two years!
One of the biggest concerns of all landlords is void periods between tenancies because the length of a void is impossible to predict. Voids, when a property rental property is empty, eat into profitability. Some expenses such as council tax and insurance still remain but income has temporarily ceased. The longer tenants stay, the fewer void periods landlords have to account for.
Rental income from long-term tenants is reliable and any excess of income over costs each month can be saved towards future unexpected expenses. Indeed, at Capital Estate Agents we have known property owners who saved towards buying another investment property, expanding their portfolio.
It may be that a change of tenants would have meant that a landlord could negotiate a small increase in rent in line with the market situation, but that benefit has to be offset against the cost of voids and the uncertainty that comes with every change of tenant.
Stability means that both landlord and agent is able to build a relationship with tenants. A good relationship with excellent communication between all parties makes life easier. Capital Estate Agents see the value in building good relationships over time in weekly situations whether it is handling maintenance issues that arise, arranging routine inspections or managing any risk of arrears before they arise.
Life is easier for tenants when they have the same letting agent over a period because they know what to expect with documentation, communication and the people they deal with. The same is true for landlords who can rest assured that if they work with a letting agent such as Capital for any length of time, they will become familiar with, and learn to expect, the high standards of professionalism that they deserve.
Capital Estate Agents have years of experience in lettings. We take care of your investments as if they were our own. If you would like to speak to Capital Estate Agents to find out more about our rental service for landlords: call 0208 313 0010 or email us on: info@capitalestateagents.com