Tenants who pay on time and keep your property impeccable are the white unicorns of the rental game – if you find one, you want to hang on to them as if your life depends on it. Here's how.
Be a proactive landlord
Happy tenants equal long-term tenants. (Better yet, it equals no vacancy periods and continued cash flow!). Because, when you care for your tenants, they'll not only return the respect towards your property tenfold, but you'll save yourself a heap of time and money in searching for new ones.
It's also a great idea to be proactive - stay on top of repairs and maintenance and respond to problems quickly. Ongoing and up-to-date care not only saves you from emergencies (or nasty bills in the long run!) but shows you are genuinely committed to their standard of living being upheld.
Some landlords even offer other incentives to stay. These could be:
· Install air-conditioning and/or ceiling fans for year-round comfort
· Include water usage in their weekly rent
· Add in garden or lawn maintenance for free
· A fresh coat of paint or a bathroom or kitchen facelift
Modernise the property
When your tenant can call a property 'home', they'll treat it like that, too. Insider intel: it doesn't have to cost thousands.
And the best part?
It increases the value of your asset, too.
Inexpensive cosmetic additions can make a huge difference. Why not price up (and be pleasantly surprised) by these ideas:
· Aircon
· New cabinet handles
· Lighting upgrades
· New tapware
· Upgrade floor coverings
· Fresh coat of paint
Clear Communication
As with any winning relationship, a well-defined plan from the start will pay back in spades. Outline your expectations from the beginning of the tenancy so there's no room for mis-communication. This includes:
· What the neighbourhood noise restrictions are
· How the appliances work
· Where to find the electricity and gas meters.
For the record, make sure that your tenants are crystal clear on expectations around rent, maintenance, standards of cleanliness and lease terms.
Even with best laid plans, sometimes you'll run into issues with your tenants – they may cause damage to your property, or not pay the rent. Give yourself peace of mind with Landlord insurance, and be safe, not sorry.
And while you're organising that, make sure you also take the time to sort out a Tax Depreciation Schedule. When tax time rolls around, you'll already know how much you can reduce your taxable income by. And with more cash in your pocket, maybe you can treat your tenants to that surprise Christmas hamper after all.
Appoint an experienced Property Manager
Managing a property is a full-time job, and one best left to the professionals. If at all possible, don't overload yourself or risk essential tasks falling by the wayside - hire an experienced property manager who can take the reins for you. Remember, a good property manager will make you money on your investment and are an impartial party who can ensure the health of your valuable asset.
If you're searching for a 5-star Property Manager for your investment property, our Century 21 Newcastle team can assist. Not only do we leverage technology to obtain our clients the best possible results, but we're backed by a strong marketing strategy and a dedicated team who exceed expectations. For a free copy of our Property Investors Guide or for an obligation-free chat, email our Director, Casey Healy on casey@c21newcastle.com.au or phone 02 4928 7400 today.