Have you heard the saying “happy wife, happy life“? Well, it’s also the same with tenants. If your tenants are happy, your role as landlord will be easier and your investment will be more successful.
Happy tenants will take better care of your property, pay their rent on time, and will reside in your property for longer.
So how do you ensure you attract and retain the right tenants? See our top tips below.
- Make your investment property attractive to tenants
In other words, don’t build the cheapest investment property you can and don’t cut corners. If you want tenants to be attracted to your product, make it attractive! Concentrate on value. You can still get a great deal, suitable for the location you are planning to invest in without overcapitalising, and your property will stand out from the crowd. This means your property will be snapped up ahead of the rest, resulting in lower vacancy rates and a choice of quality tenants.
- Attend to maintenance straight away
Don’t let your property fall into disrepair. If your tenant complains something is broken, fix it as soon as possible. Always remember, your investment property is somebody’s home, and it is in everybody’s best interests it is maintained properly. How can you expect your tenant to take pride in maintaining your property if you don’t do the same? Don’t give your tenants a reason to move out where it can easily be avoided.
- Don’t be unreasonable
Whether it’s a request for a family pet or the unfortunate event where some accidental damage occurs, try to ensure you always act fairly and reasonably. The more respect and consideration you have for your tenant, the more they will have for your property.
- Treat your tenants well, and make sure you appoint a Property Manager that does too
We’ve all heard tenants tell stories of being treated rudely by landlords and property managers. Make sure your property manager understands that your tenant is your customer and you want them treated well. A little respect goes a long way.
- Make sure your Landlord Insurance is up to date
Your Landlord insurance is not the place you should try and cut costs. Ensure your policy will cover you in all circumstances, including the event accidental damage occurs to your property. Beware that some policies only include cover for malicious damage, which results in a difficult situation where damage has occurred to a property outside of the tenant’s control. Always read the fine print, and if your Property Manager is arranging Landlord Insurance on your behalf, make sure you have a discussion with them about what you expect from the policy.
Having a reliable, long-term tenant will not only offer you peace of mind that your investment is being well cared for, but will also save you money in re-letting and other property management related expenses.