Finding good tenants and keeping them happy is one of the best investments a landlord can make. By ensuring they have a positive experience while living at your property, they may be more likely to pay their rent on time, stay in your property longer and treat it as if it were their own.
Here are some tips to find and hold on to great tenants:
Think about the type of tenant you want to attract
When choosing a property to invest in, think about the tenant demographic you want to attract, for example a family, sole tenant or couple, and choose a home that is likely to appeal to them.
Properties that are close to good schools, shops and public transport are likely to be well sought after and may give you a larger pool of prospective tenants from which to choose.
Keeping up appearances
A home that is poorly presented by the landlord may deter good tenants from applying to rent your property in the first instance, and be poorly cared for by the successful tenant.
Similarly, a property that requires as little maintenance as possible will make life much easier for both tenants and landlords as it will minimise the effort and cost involved in the upkeep of the home once the tenant has moved in.
Presenting a clean, tidy, low-maintenance and well cared for property will encourage tenants to treat the property as if it were their own.
Attend to maintenance issues promptly
Once you have selected your tenant and they have moved into the property, ensure you make every effort to attend to any maintenance issues promptly.
It can be quite frustrating for tenants if their requests for repairs go unanswered, and if they aren’t getting the attention they deserve they may begin to question their commitment to your property and become more careless with it.
Injury or loss resulting from a safety hazard that has not been attended to might also give rise to a costly legal liability claim.
Even the best tenant can accidentally damage a property or lose his or her job and be unable to pay rent.
Every landlord should have a tailored landlord insurance policy that covers both malicious and accidental damage, legal liability and loss of rental income.
The time and effort that property managers can save landlords as well as the experience and knowledge they provide can be well worth the cost for their services.
A property manager can also help to find tenants, ensure the correct paperwork is in place, assist landlords to form a professional relationship with their tenant, collect the rent, conduct property inspections and liaise with the tenant on behalf of the landlord. But always remember, sometimes the cheapest is not always the best.