The key to a stress free property investment lies in great part in having great tenants.
This is easy to say, but what actually is a great tenant?
Great tenants treat the property as though it were their own, pay their rent on schedule, communicate clearly and effectively with their landlord (directly or through a managing agent) about all issues pertaining to the property and remain tenants of your property for extended periods of time.
So, how do we find these great tenants and attract them to our property over all the others available on the market?
The secret to attracting great tenants, therefore, lies in promoting your property so that it appeals to tenants who exhibit these traits and behaviours.
- ENSURE ALL MAINTENANCE IS COMPLETED BEFORE YOU ADVERTISE FOR NEW TENANTS.
From the very outset you want to create the impression with prospective tenants that you are fastidious about maintenance. If they feel that this is important to you, they will take the time to communicate promptly when maintenance is required. Whether you then choose to undertake maintenance immediately upon being notified or not is up to you, but you are at least assured of knowing when things need addressing.
- PREPARE THE PROPERTY TO THE HIGHEST STANDARD BEFORE ADVERTISING
The impression you create for prospective tenants about the property in the early stages establishes the standards by which property will be cared for and maintained by the tenant. If the impression is that the landlord does not really care about their property, then neither will the tenant.
- PRESENT THE PROPERTY TO SHOWCASE THE LIFESTYLE THAT IS POSSIBLE
In many respects, advertising for lease or for sale / auction is really no different. Buyers and tenants make decision with their hearts, not their heads. It is their hearts that you should strive to appeal to. Similarly, just because the tenants will not own the property, doesn’t mean it won’t be their home. Showcase the property so that tenants get a sense of the lifestyle that they will have when they move in.
As in life, first impressions really do count, and it is these impressions that will really attract the best tenants to your property. Backing up those first impressions by ‘walking the walk’ and continuing throughout the tenancy to lead by example and demonstrate your expectations regarding care for the property, will ensure your interests are protected as the tenancy progresses. This attention to detail and opportunity to build a relationship with your tenant (even via a property manager) will ensure that your tenancy is a long and happy one.