What makes a great rental owner?
Just like the renters who reside at the property, rental owners have rights and responsibilities. But being a great owner often also involves a knack for positioning yourself in the renter’s shoes.
This comes down to an appreciation that good renters pay good money to reside in that home, and should be valued.
So it begs the question: what makes a great rental owner? And how can being a good owner help improve the appeal and value of a rental home?
Empathy
While the investor owns the rental property, they should have an awareness that this is the residence that their rental occupiers call home.
That might mean there’s a little give and take here and there.Â
For example, just because the property owner might have plans to one day move into the home and renovate it, should they regularly be sending architects and tradespeople round to assess the job?
Or if the property is in need of a major renovation revamp, is during a rental agreement the time to do that work? Or would it be better when the property is vacant? Alternatively, could an agreement be made with the current occupiers for a rental discount in recognition of the inconvenience?
Any successful rental arrangement involves seeing things from the other party’s perspective, and a good rental owner will take this in their stride.
Timely maintenance and repairs
Contrary to popular belief, few rental occupiers relish the idea of requesting repairs and maintenance.Â
They do so as part of their legal obligation to protect the home and as part of their right to reside in a property that’s safe and livable.
Great rental owners know repairs and maintenance are part and parcel of owning an investment, and if the renter flags an issue, it needs to be dealt with in a timely manner.
A respect for the renter’s peace and privacy
Every renter has the right to quiet enjoyment of the rental property and peace and privacy while they live there.
That means no unnecessary interruptions, and sufficient notice when people will be attending the property.
And again this comes down to empathy. It involves considering the perspective of the renter, and appreciating this is the place they call home.
Good communication
People are generally reasonable when they are made aware of the circumstances behind something. And that’s where good communication is the hallmark of a great rental owner.
Although the information might be relayed through the property manager, a great rental owner will proactively communicate about what might need to be done at a property, when, and how long it’s expected to take.
How great rental owners add to the value of their property
Owning an investment property is a bit like running a business, and it’s one where the rental occupier is effectively your client.
Look after them well and appreciate their perspective, and chances are this rental occupier will return that consideration by looking after the property and flagging any potential maintenance issues before they become major repair problems.
They’re also more likely to stay for a longer term, reducing the cost associated with ending an agreement and finding new renters.
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.
