A quality tenant is an essential ingredient for property investment success. A good tenant will look after your property, pay rent on time, alert you to maintenance issues in a timely manner, provide proper notice periods, and leave the property clean and tidy at the end of the lease. A bad tenant may do none of the above and end up costing you lots of time, money and heartache. Here are some handy tips for finding (and keeping) a good one.
Employ a Property Manager
When pitching your rental property to the market, a professional Property Manager is your greatest ally. A Property Manager is an expert in the local area, and will be able to set a realistic expectation of the rent you can achieve. Determining the right rental price is crucial in achieving maximum return on your investment; pitch too low and you will forfeit potential income, pitch too high and your property may remain vacant for longer than it should, also affecting your bottom line. Property Managers also have systems and databases that enable them to perform due diligence on would-be tenants, including thorough background and rental history checks.
Present your property well
A well-presented property will ultimately attract more people, giving you a bigger pool of prospective tenants to choose from. When you look after your property and maintain it well, you are more likely to find tenants that will show it the same respect. Simple things like freshly painted walls, clean carpet, updated appliances, and well-kept gardens will set the tone for the tenancy.
With your ideal tenant in mind, consider some of the things that will appeal to them and try to include these. Air-conditioning, built-in wardrobes, dishwashers, security systems and undercover parking are all sought-after inclusions that will have the best tenants fighting to rent your property.
Treat your tenants well
As a property investor, the goal is to retain good tenants for as long as possible. Each time you lose a tenant, you’re up for the cost of reletting the property, and you also run the risk of it being left vacant for a period of time, resulting in a loss of income. Once you find a good tenant, it pays to treat them well, in the hope that they will stick around. Be sure to deal promptly and professionally with any issues that arise, and increase the rent only when the market justifies doing so.