5 top tips for a happy tenancy
As a landlord, it’s important to remember that a happy tenant is generally one who stays in your property for longer and looks after it well. Like with any relationship, a tenancy arrangement works best when both parties feel that the situation is fair and that everyone is genuinely doing their best to honour the agreement.
Let’s take a look at what’s important from a tenant perspective:
- A well-positioned property – this is clearly something to think about at the point of initially investing in a rental property! Consider if you yourself would like to live in it – is it in a good position for the kind of tenants you’d like to attract i.e. near schools if you would like a family or handy to college and public transport for students
- A home that’s functional for their needs – again, consider the kind of tenant you’d like when purchasing or renovating. Does it flow well as a family home, is there a garden for children to play in (remember, that can be a negative for time-poor tenants) and is there enough parking? Some of these things can be easily remedied with a bit of landscaping and can make a real difference
- Maintain, maintain, maintain – frustration soon sets in if the oven is on the blink or the bathroom extractor doesn’t function property. Sure, these things will happen from time to time, but will only become issues if the landlord doesn’t commit to prompt repairs. If you care for your investment, your tenants will too
- Flexibility – whilst we appreciate that there are plenty of ‘deal breakers’ for landlords, if you have good, long-term tenants with a specific wish such as installing a heat pump or allowing them to have a pet cat, it pays to take the time to consider their request. It might turn out to not be right for you, but can help you maintain a good relationship by at least thinking about it
- Affordability – whilst at hoamz to rent we’re committed to regular rent reviews, we’re always careful to strike the fine balance between maximising your return on investment through market rent whilst ensuring maximum occupancy - should tenants choose to leave because of a $20 per week rent rise, just one week of vacant time could potentially take months to make up the difference when compared to a smaller rise and maintaining the tenants. We’re always happy to liaise with your tenants and advise on this