In these uncertain times even the best tenants can be faced with financial hardship and…
A good tenant is worth their weight in gold. If you know the person living in your investment property is taking good care of the home and paying their rent on time, it will make managing the property a breeze.
However, like all relationships, you only get out what you put in. And both parties need to come to the table if they want to make the experience a happy one.
So how can you do your part to maintain a good relationship with your tenants? Here are five simple but important principles to follow to foster a healthy relationship between owner and tenant.
1. Deal with maintenance issues quickly
If your tenant’s air conditioning unit breaks in the height of summer, make sure you hire someone to repair it as soon as possible. You wouldn’t enjoy sweltering in your living room, and neither would they.
Your tenant’s comfort should be high on your priority list. So, if your tenant contacts you and asks you to repair something, make sure you hire the relevant tradesperson swiftly, even if it’s for something as simple as a dripping tap.
2. Outline your expectations
When your tenant knows what you expect from them in regards to taking care of the property, they are much more likely to look after the home in the way you want them to.
For example, if it’s important they cut the hedge in the front garden regularly so it doesn’t block the footpath, let them know. Even if you have detailed your expectations in the rental contract, it’s a good idea to take the time to read over it together so you’re both on the same page.
3. Encourage open communication and be approachable
If a tenant reaches out to you, make sure you get back to them quickly.
It pays to be friendly as this will make your tenant feel comfortable in contacting you for assistance. This way, if there’s ever a problem with the property, your tenant won’t neglect to tell you.
Open communication will also mean you know as soon as possible if your tenant is planning to move out, allowing you to plan for leasing the property to someone new.
4. Update the property regularly
If it’s been 20 years since your investment property was last painted and the carpets are looking threadbare, consider investing in upgrading the property.
Your tenants are more likely to look after the home if it’s in a good state to begin with. And it’s possible a happy tenant will be less likely to complain if you ever decide to increase the rent.
5. Customer service pays off
Managing a property can be hard work. But if you make an effort to treat your tenant like a customer – going above and beyond to please – then you’ll find they’ll probably stay for longer, earning you a steady stream of income. And you may even find dealing with your tenants can actually be a pleasant and enjoyable experience.
Insurance issued by AAI Limited ABN 48 005 297 807 AFSL 230859 trading as Terri Scheer. Read the Product Disclosure Statement before buying this insurance and consider whether it is right for you. Contact Terri Scheer on 1800 804 016 or visit our website at www.terrischeer.com.au for a copy. The Target Market Determination is also available.
The information is intended to be of a general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon it – please make your own enquiries. This article has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it.