One of the main things that property investment naysayers get wrong is that landlords just want to someone to pay the most rent.
That is not true at all.
The smartest property investors want to attract – and keep – good tenants for the long-term.
That’s because they understand that having a long-time tenant will secure their cash flow and will likely also mean they treat your property like their own home.
The secret, of course, is to learn how to do this.
To give you a head-start, here are five ways to keep your property tenanted.
1. Rent realism
The smartest landlords not only use professional property managers, they take onboard their advice when it comes market rent.
Rental market conditions don’t change quickly, but they can change from one year to the next, which means that rent increase is no longer a good idea if you want to keep your tenants onside.
Keeping your rent in-line with the market is necessary, but you don’t have to rigidly stick to a plan of rent rises every year and especially if the market doesn’t support it anymore.
Another time when market know-how is vital is when your property is vacant.
This happens to even the best landlords because tenants’ lives change as much as their own.
If your property is about to be vacant, make sure you understand what the going market rent is at that point in time.
It actually doesn’t matter what your previous tenant was paying.
What matters is what the market is prepared to pay now, which might mean a rent reduction to secure a tenant.
Again, this is where advice from your property manager will be invaluable.
Attracting and keeping a tenant is also about ensuring your property is looking its best.
While tenants want space for quiet enjoyment of your property, that doesn’t mean they’re happy to live with peeling paint or less than ideal plumbing.
So, make sure you keep on-top of any maintenance requests or issues identified in the regular inspections.
If your property is vacant, then you should take the opportunity to assess whether it needs a new coat of paint or the garden could do with some love.
By presenting the best property to the rental market, you will not only improve your chances of securing a tenant, they’re more likely to take better care of it, too.
Along with the proactive maintenance I mentioned above, be a good landlord.
A good landlord is someone who has professional property managers to act as the intermediary between themselves and their tenants.
However, they are also the types of landlords who are open to reasonable tenant requests, such as replacing an old appliance.
At the end of the day, if the requests serve to keep your tenant happy and to also improve your property then it really is a win-win situation isn’t it?
5. Consider pets
Even though the majority of Australians own at least one pet, the tide has only recently started to turn when it comes to allowing them into rental properties.
However, by saying “no” to pets you are alienating a significant proportion of potential tenants.
Plus, tenants with pets generally stay longer because they know first-hand how difficult it can be to secure a suitable property for themselves and their furry friends.
Again, your property management team can provide advice on this, including inserting special pet clauses in leases to protect everyone’s interests.
At the end of the day, successful property investment is about the long-term and it’s about having tenants who are prepared to pay rent.
Property investment doesn’t work without tenants, so it’s makes sense to do what you can to attract and keep them as long as possible.