Investing in residential real estate is a route that many Australians have taken to build wealth for the future.
As your tenants are your main source of income, it’s important to ensure they stay happy in order to hold on to their tenancy for longer.
If you’ve found great tenants for your rental property and are looking for ways to keep them happy, here are four tips to help you.
The rental property market is constantly changing. Whether it’s rises or falls in demand in certain areas or dips in job availability, these can all cause the market and median rents to fluctuate.
But one task many landlords can overlook is reviewing their weekly rent. It’s best to do this on a regular basis to ensure you’re charging a fair amount for your home.
If you’re charging too much, you might find it’s harder to obtain tenants for your home.
Alternatively, meeting the market by reducing the rent could lead to your tenants staying for longer.
Fixing your property when it needs repair can not only help to keep it in good condition, but it can lead to happy tenants too. Nobody wants to live in a house that has an abundance of broken appliances and other issues, while still paying full rent.
You could also think about preventative maintenance to keep the property in great shape while your tenants live there. It could be a new interior coat of paint or freshly laid carpet to help improve the aesthetic appeal of the home.
Staying on top of these tasks early can minimise problems in the future and show you care for your property and your tenants.
It’s the small things like acknowledging your tenants’ wants and needs that can go a long way in ensuring their happiness.
If your tenants report any problems to you, be sure to let them know they’ve been heard and that you’re doing something to rectify the issue. Keep them in the loop of any progress you’ve made and always respond if they’ve contacted you.
If you’re finding it hard to dedicate the time and resources to managing your own investment property, you might want to consider hiring the services of a professional property manager.
They have the knowledge and capability needed to look after your tenants to ensure they stay happy. Although this service can come at an expense, it’s well worth it to keep high quality tenants in your home for longer.
Article first appeared on, and is courtesy of, raywhite.com.