When buying an investment property, many choose this type of asset as it not only appreciated in value, it also earns us a regular income through rent. To further benefit your investment returns, retaining a long term tenant goes a long way. Here are some tips to keep a happy tenant.
Prompt maintenance
This is a very influential service. Tenants are often disappointed with the lack of response from landlords when there is a maintenance issue. Many tenants are patient if they are small incidentals, but when it comes to important home upgrades that may affect the tenant’s lifestyle and soon have the tenant think of a move. One that is really sensitive to a tenant is ensuring the air-conditioner or split cycle system is working. In the summer, a home can soon heat up and cause many sleepless nights. Promptly attending to this problem will have you earn a few ticked boxes for a happy tenant.
A well prepared pet-friendly home
New reforms regarding rental properties in Victoria will soon give tenants the rights to keep pets in rental properties. These are expected to commence in 2020. Offering a pet-friendly property appeals to many responsible pet owners. If you can prepare the home to protect their pets, perhaps using alternative flooring to carpet and having secured fencing will go a long way to attractive a long term tenant.
It’s your investment property but its their home
Yed you are taking the risk of accepting a tenant into your investment property, but once they move in, its ultimately their home. Showing respect and privacy to a tenant are good ways to show a tenant they are welcomed long term.
There are rights for a landlord to see the property, but doing this respectfully and with good notice in advance will ensure you don’t disrupt your tenants lifestyle.
Presenting your property clean and tidily
Regardless of how happy you and your tenant are, there will be many unforeseen cases where the tenant will move out. Perhaps due to a change of work location, the need for a large how or perhaps the tenant is buying their own home.
When this occurs, its a good time to make an effort of cleaning the property, taking note of any maintenance needs, painting or replacing items will enhance the attention of a good tenant. A good tenant will respect the property if its given in good condition. A happy tenant will live in your investment property longer if the home is presentable. A good tenant will accept a home in average condition, if the location is great, but in time, they will likely find a more modern home to suit their needs. By presenting the property in a clean tidy state, the tenant will likely remain satisfied with their home and occupy it long term.
As buyers advisers we source brand new and off the plan properties for buyers. We work closely with many property managers who are equally passionate to achieve a long term tenants. Please feel free to contact us if you’d like to be introduced to a professional.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
December 2018
