Keeping an existing tenant is easier than finding a new one!

Finding an investment property is one thing – finding long-term tenants is another! Sometimes the people who look amazing on paper can let you down, causing damage to your property and leaving you with extra repair and maintenance bills.

There are ways to make sure your tenants stay longer:

Allow pets
In European countries, having a pet in an apartment is the norm. Australia doesn’t really follow the same practice, perhaps because dogs have traditionally lived outside in their kennels. If you have a house or apartment for lease and you allow pets you will most likely end up with tenants who are extremely grateful for the opportunity to keep Fido around. It’s so hard to find pet-friendly accommodation that they’ll be careful to treat your property with respect in order to avoid being evicted.

Allowing pets also means you can charge a little extra – but make sure you have clear guidelines about who pays for any damage they may incur and that you conduct regular inspections.

Be the good guy
As a tenant, if something breaks it can be a major headache to sort out getting it fixed. It’s not fair (or legal) to leave your tenants hanging without power or other basic necessities.

Hire a leasing agent who is reliable and follows through on urgent issues quickly and efficiently. Be open to requests for upgrades and changes and your tenants will be more likely to appreciate you and rent from you for longer.

Give them value for money
Competition for rental living space is very tight right now in Sydney, but there have been periods in the past when many landlords found their properties sitting empty.

A long term tenant paying a reasonable rate is better than charging top dollar and having your tenants move out as soon as they can find something cheaper. Replacing a tenant can be costly, so if you have to raise the rent make sure it is a reasonable amount and that you explain clearly why you’ve had to do it.

Invest in a popular area
If your investment property is in a high demand area, you’ll be able to filter through applicants to find the best one. You’ll be able to validate a solid rental price and reap the rewards of your investment on multiple levels.

 

A buyer’s agent can help you find the ideal investment property. Contact Amanda On My Side.