Being pro-active as a landlord can make all the difference in attracting long-term tenants who look after your asset and in turn, your investment portfolio’s income.
As such, it can literally pay to go the extra mile when accommodating (pun intended!) the people who are arguably your greatest allies in the sustained growth of your retirement nest egg…your tenants.
Here are five ways you can show you care in order to keep great people occupying your dwelling, minimising the risk of prolonged vacancy and maximising your returns…
- Show them around
Metaphorically speaking of course. I’m not for a moment suggesting you should give your tenants a guided tour of the neighbourhood.
But an organised property manager who provides a commencement kit to new residents, full of local community information and relevant resources to introduce the area’s services and amenity, will make your new occupants feel extra welcome.
It also encourages them to think of the neighbourhood more as a long term home and demonstrates how well the area caters to their needs and wants.
- Keep in touch
Remembering that communication is a vital aspect of successful property management, it’s essential that the person you hire to look after your rental investments does this effectively and frequently in a very organised way.
Ideally, your property manager is in some form of contact with tenants on a regular basis. An exceptional property manager might even keep tenants in the loop about community events and happenings in the area via database marketing.
Again, going the extra mile when it comes to staying connected can make all the difference in securing valuable, long-term tenants.
- Show you care…
A simple gesture such as a ‘Welcome home’ card waiting for your tenants when they walk through the front door laden with moving boxes can leave a lasting first impression.
I know of property managers who provide new tenants with a basket of essentials on the day of their arrival. I’ve also met landlords who give families a one week rent free period in the lead up to Christmas as a goodwill gesture, or small gifts like movie tickets.
Often it’s the little things that make us feel valued…and we should really value our tenants.
- Give a little.
Put yourself in your tenants’ shoes for a moment and consider how it would feel if you were overly restricted in how much you could make your house a home.
What if you weren’t allowed to hang a picture or keep a family pet?
When provided greater freedom in creating a genuine home for ourselves, where they feel comfortable and able to make choices as to how they live, it’s far more likely your tenants will want to stay put beyond the first year’s agreement.
- Add value
Having the gardens attended to once a fortnight or a bi-annual window clean not only shows your tenants you’re the caring sharing type, it also means preserving your asset’s street appeal.
This is one of those win-win scenarios that work so wonderfully in property investment. The more you give, the more you’ll ultimately gain…literally!
These five ideas won’t just make your tenants feel all warm and fuzzy, they’ll also go a long way to protecting your portfolio’s bottom line by ensuring greater chance of long term tenancy.
And of course, most of the expense associated with the above gestures will be tax deductible at the end of financial year. Another win-win!
About the Author
Since 2008, David Thomas has built a business aimed at servicing the needs of property investors, owner occupiers and small business owners. David is recognised as one of the top 10 independent mortgage brokerages in the country, David and his team have settled almost billions of dollars worth of residential and investment loans over the last decade.
Known for his straightforward, relatable style, David believes by educating people about property funding; they fare better in the market. By sharing his expertise openly, some of the people he educates will likely become his clients. It's a win-win approach.
David Thomas is a credit representative (Representative Number 506153) of BLSSA Pty Ltd, ACN 117 651 760 (Australian Credit Licence 391237).