If you’re a landlord, you are well aware that using property investment as an income is no easy feat. It’s a challenging task yet rewarding if done the right way. One of the things you should learn early on is the importance of keeping your tenants happy. It’s a simple formula really. Happy tenants equal to happy property owners. And as a landlord, you know that turnover can be costly. When we talk about advertising a vacancy, getting your property maintained and ready to rent, and screening potential tenants, you know you’re going to dispense not just money but time and energy as well. It can be a tough process altogether. That is why it’s important to retain ideal tenants to keep the business up and running with minimal disruptions. Maintaining a good relationship with your tenants and keeping them happy will keep late payments and other issues to a minimum. And what kind of landlord doesn’t want that? Here are some ways you can establish a positive relationship with your tenants so you don’t have to face the hassle of a vacant unit!
A way to keep your tenants happy is to show professionalism at all times. And along with being a professional is knowing how to address their concerns promptly. Let’s face it – tenants too, don’t like being hassled. That’s why whenever problems arise, you should let them know that they can rely on you to help them whenever possible. It’s as simple as replying to your tenants’ queries or simply picking up their phone call, or returning their text message on the same day. You don’t have to have to provide an immediate solution, you just have to demonstrate a solutions-oriented mindset and you’re there to address and resolve them.
No tenant wants to stay in an unkempt unit or space. I mean if they’re paying rent regularly, it’s not uncommon to expect property maintenance to keep their place livable and intact. When tenants have maintenance requests, it’s import6ant to address them. No one wants to pay when their showers are not working properly. Plus, it’s also your advantage when you keep up with maintenance as you will spend less time on repairs when you do have to turn over the unit in the future. Property upkeep is a good way to increase your rental yield for future tenants. It’s best to regularly inspect the unit’s condition to keep smaller maintenance tasks turn into larger issues.
To help you tenants’ decision for renewal much easier, give them incentives. A month before their tenancy’s up for renewal, you can offer to keep rent rates the same as a reward for their loyalty. It’s a better scenario than a vacant unit. You will be able to save in the long run when there’s no void period. If you can’t afford to keep the rent rates the same, you can give your tenants something to be excited about such as giving their space a brand new coat of paint or offer professional carpet cleaning or offer new furnishings – things that will give them more reasons to renew and become a long-term tenant.
Let’s face it – accidents happen and even the most careful tenants can damage a property. If a tenant has a good track record and has unintentionally damaged your property or furnishings, adopt a reasonable approach wherein the two parties can settle. Landlords should consider having tailored insurance that covers accidental damage in potential unforeseeable events.
One of the simplest ways you can do as a landlord is to let your renters know you appreciate them. You don’t have to do grand gestures just to make them stay. It can be as simple as giving them personal greeting cards on special occasions to let them know that you’re there to build a positive and professional tenant-landlord relationship. These small gestures can go a long way to encourage tenant loyalty and possible referrals that can grow your business.
As property investors and property managers, we want to help you get the most out of your investments. A9 Property provides first-time homebuyers and property investors knowledge on the world of real estate. Our weekly real estate blog discusses a variety of property-related topics, including property investment strategies, real estate industry trends, and current property market shifts to give you valuable insights and help you make informed decisions. We specialise in off the plan properties – a popular investment strategy in Brisbane and Australia. If you're looking to invest, Check out our carefully selected portfolio of off-market properties for sale or contact us for an obligation-free chat to discuss how you can succeed in the business and make the right property investments.