Hints and tips to guide you through your property management journey
One of the keys to successful property management is keeping your tenants happy, so they decide to stay longer at your property. Finding a replacement tenant can be a costly process and it can result in lesser investment returns. The process to find a replacement tenant involves advertising the property, holding open homes, screening new tenant applications and potential vacancy periods. The leasing process can be a costly and lengthy process. You are required to pay an advertising and leasing fee plus endure a potential loss of rental income due to the property being vacant.
Therefore, keeping ideal tenants should be a key focus for your property management team. Finding a suitable tenant for your property is just the beginning of the management process. Retaining suitable tenants at your property becomes an essential aspect of maintaining a consistent income for your property.
Here are a few ways your property management team can keep your tenants at your property for the long term.
Tenants should be considered one of the most important aspects of your property investment, as they are essentially providing your entire income whilst you own the property. Your property manager should establish a positive relationship with your tenants, which involves regular communication with them. Whether contact is made every month or two, it is important to ensure the tenants are enjoying their tenancy.
Tenants are more likely to stay at a property which is well maintained and where the property manager attends to property maintenance issues quickly. An investment property should be treated as more than just a source of income, it should be made to feel like a home. This includes the way it is managed by an agency and how the ongoing maintenance of the property is treated. Tenants tend to stay in rentals for the long term because it feels like their ‘home’.
Not everything in the property must be upgraded or replaced, but if your tenants request an improvement which seems urgent to them, it should be strongly considered. This is vital to retaining ideal tenants at your property. A mistake by many owners is to view maintenance requests or improvements, as a negative rather than an opportunity. By making improvements to your property is a great opportunity to maintain or sometimes increase the value of the property, whilst keeping your tenants happy.