Renters tend to cop a bad rap, when reality is, there’s just a few bad eggs spoiling it for everyone. There’s a few common misconceptions about tenants, so we debunk some of the top myths for you:
Myth 1: Tenants are nothing but trouble
Some people shy away from owning investment properties out of fear of tenants destroying their property. A good property manager will screen potential applicants and, with your judgement, make sure you choose the right tenant for your property. The vast majority of tenants are great!
Myth 2: Tenants demand luxury
This is a total farce; tenants merely demand liveability.
It is natural for all of us to want to provide a safe living environment to our loved ones. Tenants want a house to be a pleasant place for them and their family to live, and they are usually realistic about what accommodation to expect within their budget.
Myth 3: They will just move out anyway!
Another total myth; other than personal circumstances, most tenants vacate a property because they are unhappy with the managing agent or the owner’s inaction to their requests – they simply become dissatisfied with the property.
Moving is not fun, and it requires energy, time and money. Tenants dislike moving and they would be doing it for a particular reason. Tenants are usually open to negotiation if you want to ask them to stay, with improved terms and conditions.
So, you’ve got some great tenants?
Good tenants who stay in rental properties for extended periods of time remove some of the stress of holding your investment. They treat your property well, keep it clean and pay their rent on time.
Once good tenants are established and they sign a long lease, that investment becomes a ‘set and forget’, which is the ideal arrangement for any investor.
Tips for keeping good tenants
- Good management
Paying a competent Property Manager is essential. At We Love Rentals we pride ourselves on serving our clients with the best service and attitude. We will look for tenants with good rental histories and who are of stable character.
Experience helps with gaining tolerance of people, getting an understanding that they live differently and to varying standards of hygiene. So long as they are not damaging fixtures and fittings, a quick clean up after they vacate your property will be all that is required.
Ask your Property Manager to inform you of anything that is of concern to your tenants, particularly when they first move in and identify items they would like fixed for their comfort. Attending to small repairs quickly lets your tenants know that you care about their needs and the standard of your property. Establishing a good relationship right from the get go helps keep good tenants longer.
Provide good heaters for winter and ceiling fans or air conditioning for summer. Install insulation if needed to help regulate the temperature and to lower your tenants’ power bills.
Rather than viewing tenants’ demands as problems, respect that their rent payment pays for your investment, so addressing a few minor concerns is no problem. Consciously making this simple mindset shift can change attitudes and improve relationships.
This posts was first posted by the team at We Love Rentals. Naked Edge Real Estate is aligned with We Love Rentals and their team of property management specialists are ready to help you! Visit their website today we’re different from the rest.