Landlords

What are the characteristics of a good landlord?

|
18th May 2017
"The idea that landlords and tenants can’t get on is a fallacy, as many of these relationships are very positive and are often long lasting"

New research by landlord insurer Direct Line for Business debunks the myth that landlords and tenants don’t see eye to eye.

Over two thirds of landlords surveyed said they have a good relationship with their tenants, while 33% believe they are good friends. Only two per cent said they have a poor relationship with their renters, while 15% have no interaction at all, as all communication is handled by a management or lettings agent.

This positivity is reflected in landlords’ view of the buoyancy of the UK rental market. 76% of landlords’ state they feel confident they could fill their property without losing any rental yield should their existing tenants move out in the next six months. 27% of landlords are very confident there would be no void period if their current tenants moved out, meaning they wouldn’t lose any rental income.

Christina Dimitrov, Business Manager at Direct Line for Business, said: “The idea that landlords and tenants can’t get on is a fallacy, as many of these relationships are very positive and are often long lasting. Having a good relationship with your tenants is beneficial as they will be more likely to flag problems with the property quickly, enabling the landlord to arrange for a swift repair and therefore minimising inconvenience and expense for both parties.” 

When it comes to the top three traits landlords are looking for in a good tenant paying the rent promptly (58%) is most important; followed by being respectful of the property and its contents (41%) and being clean and tidy (37%).  Signing long-term tenancy agreements (11%) and renewing contracts (8%) rank as far less important than the behaviour of a tenant during the rental period.  

In comparison, research by Direct Line for Business reveals the characteristics tenants appreciate most in their landlord. The top qualities were the ability to respond to issues quickly soon after they arise (69%), asking for a reasonable rent, never unexpectedly or unfairly raising the rent (52%) and drawing up a fair tenancy agreement (37%).

Characteristics of a good landlord

Landlord characteristics

Percentage ranking trait as most important

Always responding to issues quickly soon after they arise

69 per cent

Asking for a reasonable rent and never unexpectedly or unfairly raising the rental amount

52 per cent

Drawing up a fair tenancy agreement

37 per cent

Easy to get in touch with

25 per cent

Being a member of an accredited landlord scheme, such as the National Landlord Association or Residential Landlords’ Association

22 per cent

Maintaining a nicely kept property with good furnishings and amenities

21 per cent

Being open to suggestions, such as allowing pets or replacing or upgrading furnishings or amenities

12 per cent

Giving me the freedom to add my own personal touch to the property

9 per cent

Keeping me up-to-date with any changes that may affect me or my lease

8 per cent

 Christina concluded: “Overall, the most important quality for landlords and tenants is the ability to be open, honest and fair. Maintaining a good relationship between renter and landlord is vital to a harmonious tenancy.”

Related articles
More from Landlords
Latest from Financial Reporter
Latest from Commercial Reporter