8 December, 2016 / Category: News
Finding the perfect tenants can be hard enough; keeping them is a whole new ball game. Good tenants pay rent on time, take care of the property, repair any damage they cause and don’t break the lease. As an owner of an investment property, it’s worth knowing what you can do to make sure they stick around.
Aside from making your life easier, retaining good tenants ensures you continue to see a return on your investment. It also means there is less risk of property damage, rental payments are reliable and you don’t have to spend time and money filling any vacancies.
Ultimately, it’s essential that you have professional property managers that can conduct a rigorous screening process for new applications. Once you have your ideal tenants, here’s what you can do to keep them happy and maintain a mutually beneficial tenancy agreement.
Even if you have a dedicated property manager, it’s important to value communication as a landlord. If they ask a question or require any information, respond as quickly as you can and they’ll be more likely to return the favour.
Respect their privacy
In the end, you are entitled to make sure your property is being looked after and the terms of the lease are being adhered to. However, mutual respect is essential for any successful tenant/landlord relationship, so be sure to provide ample notice of any upcoming inspections or if there is any scheduled work on the property.
Address maintenance issues as soon as possible
It’s almost inevitable that your property will face maintenance issues at some point in the future, and your tenants will probably be the ones to notify you. From blocked drains to broken air conditioning, stay on top of things and deal with any problems in a timely manner. This shows respect to your tenants and encourages them to reciprocate.
Take general wear and tear in your stride
General deterioration is an unfortunate reality of property ownership. While significant damage is cause for concern, it can be hard for tenants to avoid minor scuffs, scratches and scrapes. Unless you feel it was caused by carelessness, don’t let it jeopardise the positive rapport you have with your tenants.
Send a lease renewal
Tenants are more likely to start applying for new places if they are uncertain of your intentions as the end of lease approaches. If you do intend to offer an extension and keep the same tenants, organise a lease renewal in advance to ensure they are kept in the loop.