How to keep great renters
As any investment property owner will tell you, great renters are worth their weight in gold. Not only will they pay their rent on time, they will look after the property, and keep an eye out for things that need repair.
So how can you ensure they want to stay, and become long-term renters who protect the value of your investment well into the future?
Address maintenance issues quickly
Maintenance and routine repairs are part and parcel of owning a rental property, and if you have good renters in place, you’ll want to address these issues quickly.
By responding swiftly to repair requests and keeping the property in good condition, you indicate you value the people who pay for the privilege of living there.
It’s important to remember when it comes to repairs and maintenance requests, your renters are the people on the ground at the property, spotting small issues long before they become major problems.
Know what amenities they want
If you really want to attract and retain great renters, it’s important to appreciate what they might need from your property.
For example, would a beautiful outdoor entertaining area make all the difference to the type of renters attracted to your home? Or would something like a carport appeal to your ideal renter?
Good amenities are something to keep in mind when you first consider investing in property, along with any improvements you intend to make about the home. These amenities attract the right type of renter, who will value your property and potentially stay longer.
Know their rights and your responsibilities
When it comes to investment properties, all parties have rights and responsibilities, and it pays to remain abreast of what these are.
As an owner you have the right to expect the renter will look after the property, adhere to the conditions of the rental agreement and pay the rent on time.
Your renters have the right to live in a safe, secure property that’s well-maintained. They also have the right to peace, privacy and the quiet enjoyment of a property that ultimately they call their home.
Be fair and reasonable
Beyond the rights and responsibilities of owning a rental property, it’s also worth bearing in mind there’s a human factor at play.
The reality is, if you treat people with respect, value them and communicate with them openly, this goes a long way to forging a great relationship with your renters that will stand the test of time.
A great property manager can be key to forging this relationship of mutual respect, acting as the intermediary who ensures the lines of communication remain open.
Be proactive about agreement renewals
No-one likes to be in limbo, so when it comes time for the rental agreement to be renewed, be proactive about your intentions.
If you want them to stay, invite them to sign a further agreement, and if the rent is going to increase as part of that agreement, weigh up the value of retaining that renter versus the financial reward of a significant rent hike.
Often there’s a sweet spot where you can command a rental price that’s more in line with market conditions, but without charging so much that good renters are forced to leave.
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.
