How to hang onto a good tenant
So, you’ve bought an investment property and got yourself a good tenant. Now, how do you keep them?
Tenants are increasingly spoiled for choice, which makes it hard to hang onto one who pays rent on time and keeps your property in good nick. The tenants of 2019 are educated and always on the lookout for a better offer.
Hang onto a good thing (plus avoid the myriad of expenses and uncertainty of new renters) with these tips to keeping a happy tenant.
- Give them what they want
It’s your investment property, but it’s your tenant’s home. Respect that your tenants will have a different relationship with the property, but that it won’t be any less respectful than yours. Making the upfront investment in upgraded appliances – especially in the kitchen – and energy-efficient inclusions make your property a more desirable place to live for tenants looking for a lifestyle quality.
- Stay on top of maintenance
Nothing makes a tenant more frustrated than having maintenance requests go unaddressed. Being proactive keeps your tenant happy and communicates to them you want them to enjoy living at your property – plus keeps small maintenance tasks from turning into larger issues.
- Be flexible
If your tenant wants to make minor alterations, think twice before you say no. Say they want to hang pictures on the wall; this could be a sign they see themselves staying in the property for a long time. Take the nails in the wall over losing the tenants, because high tenancy turnover means higher costs for you in the long run.
- Be understanding
Issues are bound to pop up from time to time, and in those instances, being empathetic can get you further than being strict. If you’ve had a tenant for a while, they’ve been good at paying rent on time and looking after the property, then a little tolerance from you and your property manager goes a long way when resolving small problems.
- Don’t write off pets
Among all the other benefits of letting tenants have pets is the main drawcard: they’ll likely stay longer. Renters with pets often struggle to find a property that lets them keep pets, so statistically, they will stay for longer periods in properties that do allow furry friends.
- Thank them
Sounds strange, but a little something to show you value their tenancy can make the difference. A small gift of gratitude at Christmas time or a bottle of wine on their birthday can help build a stronger relationship.
- Respect their privacy
Again: it’s your property but their home. Occasionally you will need to gain access for one reason or another, but make sure to give proper notice when you do and keep unexpected visits to a minimum.
- Give them an incentive to stay
You’re nearing renewal with a great tenant and you don’t want to lose them. Check the local rental market, and if prices haven’t gone up too much, consider revising any automatic increase clauses you may have written into the tenancy agreement. Approach them before they come to you about it and ask them what incentives are important to them.READ MORE
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