Looking after great renters
It’s no secret that great renters can make owning and managing a rental property a whole lot easier.
Not only do they pay they’re rent on time, they look after the property as if it was their own, flag any potential maintenance issues and repairs, and work with the property manager in the interests of looking after the asset.
And if you have great renters looking after your property, chances are you’d like to retain them, so here’s how to look after the renters you have in the hope they stay for the long-term.
Proactive communication
Proactive communication goes a long way to forming a relationship of respect with the renters residing at your property.
Whether it’s proactively indicating you hope they will stay for the long-term, specifying the repairs and maintenance you intend to make in the future, or providing new rental agreements well in advance of the end of the current agreement, each of these actions gives the renter security about what’s likely to happen in the future.
Protecting their rights
Each party in the rental process has rights and responsibilities. And if you’re looking to retain great renters, you need to help protect their rights.
This means ensuring they live in a safe, secure and well maintained space, while also granting them the peace and privacy they are entitled to.
A little give and take
Every good relationship is built on give and take, and this is true of the relationships rental owners and property managers should hope to form with rental occupiers.
That ‘give’ might come in various forms. It could be the annoying issue at the property you fix before the renter requests a repair, or maybe it’s limiting a rent increase even though you know other people might pay more for your property.
In return, the ‘take’ might also happen in different ways. Perhaps, it’s the renters’ patience when it comes to making a specific repair, or them granting tradespeople access to the property at times which might be inconvenient.
This give and take is built on genuine consideration where each party in the rental process understands the position and perspective of the other.
Moderate rent increases
With a low vacancy rate and high demand for rental properties, rents have been rising steadily over the past few years, and in some regions those rises have been significant.
But if you have great renters, it’s worth carefully considering the rental increase you intend to make and weighing that rise against your risk of losing them.
In some instances, it might be worth offering a moderate increase rather than going for market rate in the knowledge you are more likely to retain a renter that you know looks after your property well.
The benefits of keeping great renters
Great renters can save you a whole host of headaches when it comes to owning a rental property.
They also ensure your investment serves the purpose it should – giving you rental income in the short-term along with long term capital gain through the maintained value of a bricks and mortar asset.
One of the key skills of a good property manager involves attracting and selecting high calibre renters, then helping you look after them so they stay.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
