Happy tenants are worth keeping!
Ask any landlord to describe their ideal relationship between themselves and their respective tenants, and you’ll most likely hear a response that goes something like this, ‘a happy one’. For most investors, it’s rarely a face-to-face relationship, with the property manager acting as the ‘middleman’, overseeing the management of the investment, whilst communicating between both parties.
So, without relying on face-to-face communication to nurture and build a relationship that equally supports both the tenant and landlord, how do you build a happy relationship? How do you navigate your way to a perfectly balanced and blooming bond, between landlord and tenant? What’s the key to creating longevity within a lease?
Let’s look at four factors to consider, to strengthen the relationship between you and your tenants, to ensure a happy and lasting tenancy.
Respond quickly to maintenance requests
Let’s face it, nobody likes to live with a dripping tap, a window that doesn’t close properly or a leaky hot water service. It’s frustrating at the best of times!
An investment property should be repaired and maintained as if it’s your own home, and hence, responding quickly and efficiently is important. You want to make sure your tenants feel comfortable and safe whilst living in your investment property, without the frustration of a broken fitting or fixture.
For an emergency, your property manager will act on your behalf, however, for non-urgent requests, it’s your responsibility to act promptly. Depending on the trade, it can be difficult to secure a quick repair, so keep the communication lines open, aiding in an understanding outlook by the tenants.
It’s also a good idea to follow-up once the repair has occurred, to confirm the request has been completely fixed and no longer causing an issue. This final step will have a huge impact in strengthening your relationship, and one every landlord should be doing!!
To suggest that accidents don’t happen, would be completely unrealistic.
Even to the most responsible, house-proud occupiers, accidents happen, and it’s the landlord’s reaction and management of these, that really counts. Think of ‘accidents’ as an opportunity to show your tenants how realistic and understanding their landlord can be.
If your tenants have a good track history, regularly pay rent on time, and usually look after your home, then make sure to ask yourself, ‘is it worth risking this blooming relationship over an accidental incident?’.
Be calm and act accordingly, remembering you have landlord insurance for those bigger mistakes!
Keep rent increases in line with market rates
If you’re thinking of a rent increase, make sure you thoroughly complete your research within your local marketplace before making any moves. When you do set your new, increased rate, make sure it still remains competitive and in line with market rates. Don’t forget, a happy tenant with a strong relationship with their landlord, living in a leased property, is far more profitable than an empty investment. Consider this…
Your current investment is leased at $450pw. You decide to increase this by an additional $10pw, however your happy and reliable tenant feels this increase is now to expensive and decides to vacate. Your property then sits vacate for 3weeks, while you find a new tenant. In this time, you’ll lose $1350, all to recoup an additional $520per year. Is your increase really worth this risk!?
Show them you appreciate them!
If you’ve been lucky to secure good tenants – don’t lose them!
Sometimes the smallest of gestures can have a big impact and are worth taking the time out to complete. A Christmas card, a small gift or a little token of appreciation can help communicate your gratitude and thanks and will hopefully help you keep their loyalty in the future!
How we can help
Our ‘old-fashion service’ delivered with a modern and innovative perspective can help increase and nurture a solid and happy relationship between landlord and tenant. If you’re struggling to unlock a blooming relationship with your current tenant, and would like the opportunity to change this, we’d love the opportunity to help you. Visit www.eview.com.au to locate your closest Eview Group property management service – we’re only a phone call away.