One might think that all landlords care about is receiving rent payments on time; it’s business at the end of the day. However, this appears not to be the case. A fresh study into behaviours and attitudes towards tenants, agents and the lettings market, suggests that trust is the most important factor for many landlords who seem to prefer peace of mind over money paid on time in their bank account.
Trustworthiness most sought-after in tenants
According to a survey of 1,071 landlords and tenants by estate agents Your Move, trustworthiness was rated the top quality in tenants by 42% of landlords, ahead of the ability to pay rent on time, which topped the list for 26% of landlords.
This was particularly prominent among two types of landlords: over 45’s (so-called ‘pension pot’), who view their portfolio as a long term retirement investment and account for 41% of the buy to let market, and accidental landlords – who involuntarily became landlords through inheritance or change in personal circumstances. The latter represent 29% of the market.
The research also found that ‘pension pot’ landlords were the most likely of all landlord groups to build a personal relationship, with 18% saying they like to meet or talk to new tenants before signing a lease. Looking for tenants who will protect their investment, which more often than not has a sentimental value, 53% of ‘pension pot’ landlords felt it was important that renters view the property as their own home.
Property condition most regarded by tenants
For tenants on the other hand, the most important factor when renting a property was its condition (51% of respondents), followed closely by value for money (40%).
Quality of the landlord, good communication with an agent and security of the property received joint third place and were all citied by 37% of polled tenants.
Commenting on the survey’s results, Martyn Alderton, National Lettings Director at Your Move, said: “Our survey results should highlight that landlords often share the same values and expectations as tenants. Both parties appear to prefer peace of mind, with landlords expecting tenants to look after their property and, in turn, tenants expecting their landlord to provide a good quality home for them in return for the payment of a reasonable rent.”
He added: “As an industry, it’s important that we match tenant and landlord expectations carefully and support these relationships, providing tenants with a property to call their home and landlords with tenants who will look after their properties.”