The value of a long-term tenant
A good long-term tenant is worth their weight in gold, and the benefits aren’t just financial.
Long-term tenants who treat your home with the same respect they would treat one they owned ensure your property is cared for, giving you the landlord real peace of mind.
Here’s an insight into the value of a long-term tenants, including how to attract and keep them…
Long-term tenant value
In cold hard financial terms, a tenant who stays for years rather than months is a financial asset. A long-term tenant allows the landlord to avoid costly advertising fees, and the missed rent due to a property being vacant.
Importantly a good long-term tenant will safeguard the value of your property, alerting you to maintenance and repairs that need to be undertaken in order for the property to maintain its value.
The best will also take care of the property as if it were their own, keeping it clean, tending to the garden, and perhaps even undertaking little extras like waterblasting paved areas when required or pruning that overhanging tree.
How to find good long-term tenants
Finding good long-term tenants is part luck and part design. It starts with considering who your investment property is likely to appeal to when you purchase it, and ticking the boxes of features that are likely to attract the right tenant to your home.
Then it comes down to ensuring the property is in good condition for them to feel at home while renting.
Finding the right tenant also comes down to the property manager you select to look after your property, including the selection process they employ to find good, reliable tenants with a proven history.
How to keep good tenants
Once you have good long-term tenants, they’re worth keeping. That means weighing up rent increases against the risk of losing a long-term tenant.
Although most tenants expect an annual rent increase in line with the market, a good long-term tenant might appreciate being rewarded with less of a hike than the going rental rate in the area.
Meanwhile, tending to any repair and maintenance requests quickly can also help retain a long-term tenant, along with a general attitude that indicates your respect for them as valuable asset to your investment.
The important role of property managers
In addition to helping you secure the right tenant, property managers play an important role in helping you keep them.
The right property manager is a mediator and facilitator, protecting your property while ensuring the comfort of your tenants.
They keep the lines of communication open, identifying little things around the property that might need to be addressed to ensure your tenants feel valued.
You can read more about the attributes of a good property manager here. In the interim, if you’re looking for a property manager who can assist you find and keep good long-term tenants, Eview is here to assist.
Our experienced property managers pride themselves on establishing great relationships with both tenants and landlords. We manage every property as if it were our own and you can learn more about our property management services here.