Attracting a good tenant should be every property manager’s goal, but how do we ensure the best tenant and retain that tenant?
Good tenants make property investment a less stressful experience – they lead to reliable cash flow, a reduction in turnover rates, less wear and tear on the property and generally less work overall.
So what attracts a good tenant?
To find a quality tenant you need a quality property. That doesn’t mean it has to be a dream home out of a magazine, however you do want a property that appeals to others. Who wants to live in a run down shack? Good tenants don’t…
The interior needs to be clean, tidy and functional. If the walls are old and fading, give them a fresh coat of paint, make sure fittings and fixtures are decent and all drawers and cupboards open and close properly. It’s these small details that aren’t very expensive, which make your property more attractive to quality tenants.
Setting Rent at market value:
It’s easy to advertise high rent to attract a higher return, however this can often be counter-productive. Not only do you run the risk of leaving your property vacant for a prolonged period of time, you will also attract tenants unwanted by others. Pricing your investment property competitively will allow you to attract a wide range of candidates, essentially giving you the pick of the bunch. Pricing your property above market value will either attract no interest or interest from tenants who have been rejected by everyone else.
Don’t go too hard on the rent increases:
A good tenant is worth their weight in gold – they take great care of your property and always pay rent on time. If you keep increasing rent at every rent renewal you may find yourself at risk of losing your quality tenant.
We always want to maximize your return, but rent increases need to be made when the market calls for it. If that’s the case we will suggest it, and make sure the increase is fair and give the tenant the required notice.
Keeping up with repairs and maintenance:
If the toilet leaks and the hot water system is on the blink – would you want to live there? Probably not and neither would a quality tenant.
So we must be timely and considerate with maintenance and repair requests. You can elect a nominated value that your property manager is authorized to respond to requests with to ensure it is dealt with efficiently, otherwise we recommend not dragging your feet on making the decision and causing frustration.
Rewarding good tenants:
Here at Property North Agency we understand the value of quality tenants. They ensure your investment property is well looked after, rent is paid on time and make our jobs here much easier.
We like to let quality tenants know that we appreciate them. From time to time we send out small rewards and gifts to thank them for being great, paying on time and looking after your property.
Right now we are sending out a little Christmas gift and card to all our tenants. This is not something we charge landlords for, we just want to hold on to quality tenants and show them our appreciation.
Its nothing big, but its these small things that separate Property North Agency and continue to attract the best tenants possible.