We believe tenants are the gift to reward your investment. Obviously you wouldn’t have any return without them. We have found some hints that may confirm this:
1. Good Management Paying a competent Property Manager is essential. Good managers will look for tenants with good rental histories, and who are of stable character.
2. Tolerance People have different personalities – some will be fussy, others more laid back and some are really messy. Experience helps with gaining tolerance of people, getting an understanding that they live differently and to varying standards of hygiene. So long as they are not damaging fixtures and fittings, a quick clean up after they vacate your property will be all that is required.
3. Listening Ask your Property Manager to inform you of anything that is of concern to your tenants, particularly when they first move in and identify items they would like fixed for their comfort. Attending to small repairs quickly lets your tenants know that you care about their needs and the standard of your property. Understandably, a tenant will become frustrated if they are paying full rent and their concerns are ignored. Establishing a good relationship right from the get go helps keep good tenants longer.
4. Comfort Provide good heaters for winter and ceiling fans for summer. Install insulation if needed to help regulate the temperature and to lower your tenants’ power bills.
5. Gifts and Thankyous A ‘thank you’ and regular compliments will be appreciated by your Property Manager, as they have a busy and important role in looking after your investment. Reward good tenants with small gifts e.g. movie tickets or shopping vouchers, especially at Christmas time, with a card saying ‘thank you for looking after my property’. This comes at a very little cost but can have a big impact on the way your tenants feel, often resulting in better care of your property and longer lease terms.
6. Respect Rather than viewing tenants’ demands as problems, respect that their rent payment pays for YOUR investment, so addressing a few minor concerns is no problem. Consciously making this simple mindset shift can change attitudes and improve relationships. Respect your tenants and look after them. After all, happy tenants will stay longer and good long term tenants are ‘set and forget’.