04 Nov 19
Keeping good tenants
Finding good tenants is the aim for all property investors, keeping them is another story.
WHY should we try so hard to keep good tenants? Rental properties have an average tenancy of 48-50 weeks per year. This means the average loss when your tenant moves out (At $500pw rent, Auckland median figure) is $1000 - $2000 not including advertising, repairs, cleaning and your time and stress over the situation.
Here are some quick tips on getting your great tenants to stick around
MAINTENANCE Attracting good tenants to a rundown property is impossible. Same for keeping them. Maintenance issues need to be kept on top of. If you do not care about the property and put in some time and effort, why should your tenant?
PRICE Setting and maintaining the weekly rent rate just below the market will ensure your tenants won’t get a better deal elsewhere. If you are also keeping on top of the maintenance the only reason your tenant would leave is for lifestyle changes which you cannot help.
SPECIAL REQUESTS Consider your tenants requests which are not required by you to accept by law. Things like sharing costs to paint the property or add in additional security features will go a long way to keeping a great tenant happy and in most cases will add value to your property making it easier/faster to tenant next time.
GIFT A small Christmas gift can make your tenants feel very welcome and at home. You could drop it off with a note thanking them for looking after the property so well and paying the rent on time.
PETS A common news story, tenants with pets have nowhere to go. If you have a property that is suitable for pets or could be made suitable for pets this can be a great way to get in some very committed long term tenants usually willing to pay a little more.
Finally, try to consider things from their perspective. They are paying good money to live in a safe, warm home and overly intrusive or aggressive contact will not be an enticement to stay on long term.
City Sales Property Management
At City Sales we understand optimising your return and the care of your property is what’s most important to you.
We handle the entire letting process, finding tenants, collecting rent, routine inspections, repairs and maintenance, bond lodgement and refund, exit inspections. As well as efficiently managing any issues that may arise with either the tenant or building.
Improve your returns with 3 Months Free Management Fees. Conditions apply. Enquire today by calling 093030601 or emailing firstname.lastname@example.org