Attracting and keeping “A” grade tenants while increasing rent over time and minimising vacancies gives you optimal ROI. Those types of tenants are the ones that are definitely worth hanging on to - a good tenant is like gold in any market.
Attracting and keeping “A” grade tenants while increasing rent over time and minimising vacancies gives you optimal ROI (Return on Investment).
Sometimes you may forget they are even there until you find the timely rent payment in your bank account (YAHOO!). Those types of tenants are the ones that are definitely worth hanging on to, as a good tenant is like gold in any market.
Once your dream tenant finally decides they want to live in your rental property you need to ensure you can keep them as long as possible. Although sometimes life changes and tenants will need to move on from the best of property managers or landlords – they might decide to buy their own home or leave town. Who knows!
What you do have control over is keeping the property well maintained and up to a great standard therefore keeping your tenants happy and giving them more of a reason to stay longer and be happy to take rent increases. As we say “happy tenants stay and pay…”
5 Easy Tips for keeping those excellent tenants as long as possible:
Tip 1 Be Responsive
When your tenants or property manager contact you regarding any issues that need attention, respond as quickly as possible. Do not ignore phone calls or emails, as this can lead to the tenant becoming very angry or feeling neglected.
Tip 2 Respect Their Privacy
Ensure you are giving your tenants the correct amount of notice if you wish to inspect or visit the property, for whatever reason. Treat your tenants with respect and expect the same in return.
Tip 3 Perform Regular Maintenance
Keeping up-to-date with routine maintenance not only protects your investment but avoids any potential problems popping up down the track. On average we recommend you budget 5% of the total annual income towards maintenance each year.
Tip 4 Address Problems Quickly
Act promptly on even small problems such as dripping taps or squeaky doors. Do not wait for the tenant to make several complaints before you act. Even those these problems seem minor, many little problems can escalate into the beginning of an adversary relationship and make it more difficult to request things of the tenant.
Tip 5 Go The Extra Mile
Tenant’s requests do of course have to be reasonable, but sometimes going the extra mile in order to make sure your tenants stay put is worth it. Things like installing heating or changing 10 year old carpets don’t just make your tenant super happy but also add value to your property.
Good long term tenants are one of the most important factors to maintain great returns from your property over the longer term.
Living by these top tips you will save thousands of dollars in advertising and vacancy costs and instead have happy tenants that renew year after year!
An active investor with her husband Hamish, Claire loves to inspire & inform others & works alongside the team ensuring we continually grow to provide a high quality service.