How to keep good tenants for as long as possible
When you have good tenants in your investment property, you want to keep them long-term! Why? You rarely need to worry about rent being paid on time or whether your property is being kept in good condition. From staying on top of routine inspections to keeping communication open, there are several ways you can make sure you’re being a great landlord and keeping your tenants happy and wanting to live in your property long term. This article outlines how, so keep reading below.
Be proactive about repairs and maintenance
High-quality tenants want to live in a high-quality home. Being proactive about maintenance and repairs shows your tenants that you care about and respect them. It starts with good communication, by responding to requests promptly, even if it’s just an acknowledgement from your Property Manager to say we are on it and will provide further updates soon. Similarly, being proactive by conducting regular inspections will ensure your property is always kept in great condition. Make sure any requests raised before or at the inspection are addressed quickly. When tenants know they’ll get a response, and things will be actioned quickly, they’re more likely to report things promptly in the future.
Install and maintain good-quality features
There are certain fixtures and fittings that good tenants expect from a property. These may include low maintenance flooring, air-conditioning, reasonable appliances, updated bathroom, good-quality kitchen. Of course, these items come with a price tag, but updating to include good-quality working fixtures and fittings can also increase your rental yield. Further, the rental income you may lose from vacancy due to your property having undesirable features could be the same amount that you would spend on updating some of the fixtures and finishes at your property.
Be proactive about lease renewals
Being one step ahead with lease renewals and offering incentives can be a smart way to keep good tenants. Firstly, give your tenants sufficient time to consider whether they want to renew their lease or move on. Just like prompt responses to repair requests, it shows the tenant that you care about them. Similarly, you could offer incentives such as a reduced rent rate compared to local market. And if you’re going to increase the rent, make sure you speak to your property manager about making this fair and justifiable.
Keeping good tenants can have a significant impact on the success of your property portfolio. By maintaining proactive communication, ensuring repairs are completed on time, and keeping your property modern and updated, you can maximise your chances of having a great tenant over the long term. Having this stability reduces the risk of financial loss due to vacancy, reduces your letting fees and ensures your property is looked after by a tenant who treats the property as if it were their own.
Remember, this article is general in nature and is not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.