Attracting and keeping ‘A’ grade tenants, while increasing rent over time and minimizing vacancies, gives you optimal Return on Investment (ROI).
Sometimes you may forget they’re even there until you find the timely rental payment in your bank account. Those tenants are the ones that are definitely worth hanging on to – good tenants are like gold in any market. Once your dream tenant finds their way into your rental property, you’ll want to keep them as long as possible. Sadly, sometimes they’ll move on, buy their own home, leave Townsville – you just don’t know.
Happy tenants stay and pay…
What you can control is keeping your property to a great standard and therefore keeping your tenants happy. This gives them more of a reason to stay renting the property and accepting rent rises – because you’ve given them a home they can be comfortable in and be proud of.
Here are five tips to assist you in keeping those excellent tenants in your rental property for as long as possible:
- Be Responsive
Be responsive to your tenants. When your property manager contacts you with an issue regarding the property, deal with it as soon as possible. Don’t ignore phone calls or emails, as this can lead to the tenant feeling angry and neglected.
- Respect Their Privacy
If, as a landlord, you need to enter your rental property for whatever reason, you need to ask your property manager to contact the tenant in advance and supply the correct written notice to arrange a visit.
- Perform Regular Maintenance
Budget and plan to perform yearly maintenance.
You want to avoid future and more costly problems that just get worse over time.
- Address Problems Quickly
If your property manager has notified you of a maintenance issue that the tenant has reported (such as a leaky tap or a squeaky door) even though these are small issues, make sure that you respond to them quickly.
Don’t wait for the tenant to make several complaints before you address an issue, as it is these little problems that can lead to an adversary relationship. It can also make it difficult to request things from the tenant, like rent rises or gaining entry to the property.
- Go the Extra Mile
While of course tenants’ requests do need to be reasonable, it’s important to keep an open mind when it comes to the maintaining of the property. Sometimes it is worth going the extra mile in order to ensure your tenants stay put. This could mean things like installing an air-conditioner if a very hot summer is predicted or replacing carpet that is old and worn. Not only does this make your tenant super happy it also adds value to your property.
Good tenants are one of the most important factors to maintain great ROI from your property over the longer term.
If you live by these five tips, you are more likely to save thousands in advertising and vacancy costs and have happy tenants that renew year after year!