How Do I Ensure That I Get And Keep Good Tenants?
If you are not able to get the right tenants into your property, then you can find yourself having to cope with a multitude of different problems. These can include late payment of rent, neglected gardens, excessive wear and tear to fixtures and fittings, and a general lack of commitment to the upkeep of the property.
Even if you do secure good tenants for your property, they may only be looking for a short-term let. Tenants who are happy to stay in your property for a longer period of time give you far greater security. Provided your tenants are looking after your property and paying their rent on time, you have a guaranteed monthly income and peace of mind.
Minimising periods of time where your property is standing empty is always going to be the aim when you are purchasing investment real estate. The rent that your tenants provide pays the mortgage on your property or gives you a valuable income stream that you don’t want to be without.
The Three Elements To Success
Getting and keeping good tenants requires three elements—a great house, a great landlord, and a great property manager. If you get all three of these elements working together, then you give yourself the best chance of success.
What should I be looking for?
The ideal scenario is to have a tenant who keeps renewing their lease over and over. I have even known of circumstances where the tenants were so happy that they stayed in the house for five or six years over two different owners.
They treated the house like their own. They would go above and beyond to keep the house very well-maintained. The only reason why they eventually left is that they had saved a deposit to buy their own home.
These are the ideal tenants, and one of the main reasons they were happy to stay for so long is that they had great landlords. If you treat your tenants with respect and if they treat your home with respect, then both parties will get the best from the situation.
Ensuring Great Relationships
As a landlord, there are a number of things that you can do to ensure that you have a great relationship with your tenants. The first of these is to make sure you have a specialist property manager actively working with you to maximise your investment.
Good property managers will help to secure good tenants. Your property manager will carry out thorough reference checks and credit checks to ensure the tenants’ job status and financial viability. Once your tenants are in, a good property manager will treat them like people and not just numbers.
Property management can be a difficult job, and overloaded property managers will always deal with the biggest problems first. Many agents do a good enough job in the beginning. However, once the tenants are settled in and there are no urgent matters that need addressing, they can easily forget about your property.
If a property manager is overstretched, they will tend to place their focus on managing the problem properties in their portfolio. The more properties they manage and the greater the number of large-scale problems they have to deal with, the less time they have to service the other properties in their portfolio.
There may be a number of little niggling problems that cause frustration for your tenants. If you go with a cheap property management company where they have no time to deal with anything but the most urgent problems, then you and your tenants won't get great service.
To your success,
Australia’s Authority On Real Estate Investment For Busy Professionals
Tony took his time to meet my requirements
When looking for a property for my parents, I was introduced to Tony. After I described my requirements, he took the time to show me areas that fulfilled my requirements, and then specific locations, floor plans and similar new homes that he believed, based on my criteria, would be suitable. Thank you Tony.
Nothing but wonderful!
My venture into my first home on the coast was made easy by the support from Tony and his team. They were nothing but wonderful!
Willing to go the extra mile
Tony and his team were willing to go the extra mile to show us properties in new and growing areas that would be suitable to include in our investment portfolio. Following our earlier success in securing a new build on land in the Newcastle region, we were keen to investigate other locations which would provide capital growth and good rental return with a low vacancy factor. His team thoroughly researched all those requirements and provided great options.
- Roger Smith
Making Life Easy for us Landlords!
Tony and his team assisted us in buying a new off-the-plan home for investment purposes. We were given plenty of information on the location and trends in the area, and the types of properties that were popular with tenants. Tony has many trusted contacts in real estate and associated industries, and referred us to a quantity surveyor who has helped us claim a lot more depreciation than we thought we could, and to a great property manager that is making our life easy for us as landlords. It’s been a very successful relationship!