The word "ethical" gets thrown around a lot these days. It’s one of those words that’s been used so much that it’s lost its punch, especially in a world where "greenwashing" is everywhere. Companies love to put the word "ethical" on everything like it’s a magic fix (trust me, I see it all the time, and it’s frustrating)!
But let’s break it down: ethical just means doing what’s right. It’s that simple. Treat people how you’d want to be treated. I know the readers of this article already get that, and many of you are probably already applying it in your own business. But let’s be real, there are still plenty of dodgy companies out there, and it’s no surprise that letting agents are some of the least trusted professionals around.
In fact, the 2023 Ipsos Veracity Index shows that trust in estate and letting agents is shockingly low, with only 28% of people saying they trust the industry. Letting agents rank fifth from the bottom among all professions, which says a lot.
With a background in social housing and local government, I wanted to bring the good, ethical practices I saw there into the private rented sector. That’s what led me to create My Landlord Cares Property Management, an ethical letting agency. In this article, I’ll explain what we mean by "ethical" and how you can start using these practices in your own portfolio to improve tenant satisfaction, boost retention, and get better financial results.
At My Landlord Cares, we don’t only work with high-earning professionals; we also support self-employed individuals, low-income tenants, and those facing vulnerability (the list goes on). Our focus is on creating long-term tenancies by helping tenants settle in, feel secure, and thrive in their homes.
For landlords, this approach isn’t just about doing the right thing; it’s also a smart business strategy. Here’s why:
Reduced Turnover: By providing stability and support, tenants are more likely to stay longer, meaning fewer void periods and less time and money spent on finding new tenants. Here are some quick facts:
The average length of tenancy in the Property Redress (PR) is 924 days (Deposit Protection Scheme April 2024). With us, the average length of tenancy is 4.5 years
Lower Vacancy Costs: A strong focus on tenant care can mean fewer vacancies and quicker re-letting when tenants do move on.
The average length of voids in the PR was 19 days in April 2024 (Goodlord 2024). With us, the average length of void is 14 days, and in some cases, much less. With tenants referring other tenants to us, this means there is plenty of interest in our properties.
Better Returns: Longer tenancies result in more predictable cash flow, reducing the stress of constant turnover and the financial instability it can bring.
Positive Reputation: Ethical landlords build trust in their communities, leading to better tenant relations and a reputation that can help attract high-quality tenants.By adopting these principles, not only will you create a more positive and stable rental experience for your tenants, but you’ll also enhance your long-term profitability and reduce the risks associated with turnover and vacancy.
65% of our tenants stay in our properties for five years or longer, which minimises costly voids and damages. The results speak for themselves!
As a Non-Executive Director for three housing associations, I have the privilege of learning from their support functions and applying these insights to my own business. And here’s the good news: this doesn’t just apply to high-need tenants. The principles I’m about to share are something any landlord can implement. There’s no secret sauce, it’s all about being ethical and leading with compassion.
Here’s how you can get started:
Be Open and CommunicativeBuilding a relationship with your tenants is key. Transparency and regular communication will pay off in the long run, making it easier to resolve issues and build trust. This can help mitigate problems before they escalate and create a positive landlord/tenant dynamic.
Invest Time in the First Three Months of TenancyThe first three months are crucial. Use this time to build a solid relationship with your tenants, and they’ll be more likely to stay long-term. It's a relatively small investment of time that brings long-term rewards, such as tenant retention and fewer disputes.
Respond to Repairs and Maintenance QuicklyOne of the biggest sources of complaints in social housing is slow maintenance responses. The same applies in the private rented sector, as tenants value a quick response to maintenance issues. Addressing these concerns quickly not only keeps your tenants happy but also helps avoid bigger, more costly problems down the line.
One thing I’ve found immensely helpful is creating a mind map of key local contacts. Since we operate solely in South Yorkshire, we maintain a detailed map of local services that our tenants might need.
Here’s an example template for you:
Sheffield• Key local authority workers• Key social housing providers• Support agencies (e.g. Citizens Advice, DWP)• Key employers• Public transport links
Having a comprehensive list like this makes it easy to refer tenants to the right place when they need help: whether it’s for benefits, employment, or transportation. This makes you stand out as a proactive, helpful landlord instead of someone who simply says, “I don’t know, why are you asking me?”
And I get it, you're probably thinking, “If I do this, tenants will come to me for everything!” Trust me, I understand the concern. You don’t want to become a social worker, but consider this: would you rather find out about an issue early or wait until it becomes a bigger problem?For example:
• If the rent is going to be late• If there’s a leak in the property• If there’s a potential issue like domestic violence
These types of problems can escalate quickly, but by maintaining open lines of communication, your tenants will feel more comfortable reporting issues before they become a crisis. This ultimately protects both you and your tenants.
With 60% of our tenants receiving some form of housing-related benefits, we take a proactive approach in surrounding them with the support services they need to minimise risks such as rent arrears or property damage. We do this by offering a company-guarantor scheme and low-deposit schemes—benefits our landlords love because it helps us house the most vulnerable individuals in our communities.
This approach not only supports tenants but also ensures stability for landlords. It’s something I’m passionate about, and I had the opportunity to discuss it in person with His Royal Highness, Prince William, during a roundtable about ending homelessness in Sheffield.
With the introduction of the Renters’ Reform Bill and the enhanced powers of the Ombudsman, it’s crucial for us as landlords to incorporate the practices outlined in this article into our day-to-day operations. Doing so will help foster healthier, more stable tenancies. These principles are already embedded in the social housing sector, and there’s a lot we can learn from their approach. While not everything they do is perfect, many of their core practices can be applied to the private rented sector.
If you're interested in learning more about our approach and how you can integrate these principles into your own business, feel free to visit our website at mylandlordscares.co.uk.I am deeply passionate about ethics in property management, and I’ve even given a TEDx talk on this topic, titled "How Private Landlords Can Do More." You can watch it on YouTube by searching for "Mahara Haque TEDx."
W: mylandlordscares.co.ukEmail: info@mylandlordcares.co.ukTel: 07349 912427
