Finding an investment property is the easy part! Keeping it tenant occupied is the hard part! People who look perfect on paper can wreak havoc in your property and leave you with a giant maintenance bill at the end of their tenancy.
Here are some tips to ensure you get a good tenant, who will stay long term.
Be a good landlord
If your property needs maintenance – fix it! Of course it is a hassle. Of course you wish it didn’t happen. But it is unfair (and illegal) to your tenants, who have to live in the property, to be left hanging because you haven’t fixed something which is a basic necessity.
Look for and hire a leasing agent who will promptly follow up and fix issues. If you are open to the tenant’s feedback and willing to make upgrades to make them happier, they are more likely to stay!
Make it worthwhile
There will be other properties on the market which might also appeal to your tenants. Put yourself ahead of the pack by making your property more value for money. A long term tenant paying a sensible price for the lease is better than charging top dollar, only to have the property vacant for periods of time. Changing tenants can be expensive, so if you must increase the rent cost, have an explanation for why. The tenants will find something cheaper if they feel they are being ripped off.
Let them bring their pets
Having a pet in the property is the norm in Europe. In Australia, we don’t seem to follow suit. If you have a property which allows animals, you will likely have a tenant who will want to stay because people love their pets, and they mightn’t find another property that lets little Rex stay! People appreciate these things, and will treat your property with respect because they don’t want to be evicted. You can charge extra for this, just set clear rules of what is expected, payment for any damages the animal makes, and having consistent inspections
Invest in a good location
If you have a property in a high demand area, you will have an abundance of applications and get to pick the best one. You can set a firm rental price, and you will earn a great return on your investment
Wise Real Estate Advice will help you find the perfect property for your investment. Call today to arrange an appointment. By Mark Ribarsky.