5 actionable tips to keep good tenants
Too many landlords take a ‘set-and-forget’ approach once they’ve leased their investment property, but being proactive can potentially save you thousands of dollars.
Once you’ve secured a tenant for your investment property, it’s easy to sit back and expect the rent to roll in.
While it can be as easy as this, it can also pay to be more active to address any issues that your tenants may have with the property to ensure they remain satisfied.
A happy tenant is likely to stay longer, which will save you a lot of money by avoiding more frequent vacancy periods and, subsequently, lost rental income.
Here are 5 actionable tips you can use to keep your good tenants from moving out.
- Suggest including a regular gardening service as part of the rental agreement. This will give you peace of mind that the property is being maintained and the tenant will appreciate not having to complete the work themselves.
- 3 months before the lease renewal is due, compare your property with other similar properties currently on the market. How does the rent and the quality of the properties compare? If other properties have better features (e.g. air-conditioning or a dishwasher) or the rent elsewhere is substantially cheaper, you could be vulnerable to losing your tenant. Once you have a clear idea on how your property stacks up, determine if a small rent adjustment or investment in new features or amenities is necessary.
- Attend to repairs promptly to ease the inconvenience on the tenant. When you have a tradesperson on site, pay a little extra for them to check and test other fixtures at the property and give them permission to fix small items straight away. This will help prevent future maintenance issues, which means savings on call out fees for you and less time and frustration for the tenant.
- Don’t leave personal belongings at the property, unless negotiated as part of the rental agreement.
- Maintain space between you and the tenant. If you’re self-managing the property, keep the relationship professional and conduct routine inspections at agreed times. If you’re utilising a property manager, it’s best not to contact the tenant in any circumstances but communicate with them via the property manager.