How to keep your tenants happy
It may sound cliché but keeping your tenants happy can pay handsomely for landlords in the current rental market. Sydney currently has a vacancy rate of 3.7%, with it taking an average of 37 days for a tenant to be found – and up to 60 days in some suburbs. Cities such as Melbourne and Brisbane are also experiencing an elevated vacancy rates as excess supply works through the market. These market conditions mean that losing a tenant is more expensive than ever for landlords. Below are four recommendations for how to hang onto your existing tenant.
Be proactive with maintenance
A little bit goes a long way when it comes to maintenance. If a tenant raises a maintenance issue with their property manager, the property manager should assess the request and if its valid ensure that the request is actioned promptly and cost effectively. This isn’t to say that all tenant requests should be actioned – some are the responsibility of the tenant or are completely at the landlord’s discretion. In saying that, surprising the tenant with a fresh coat of paint or carpet cleaning goes a long way to building goodwill that will make them think twice before looking for another place.
A great property manager will make sure they are conducting routine inspections and that these are more than simply a box ticking exercise. A property manager should use routine inspections to advise on any repairs they would recommend even if the tenant hasn’t yet raised it. For example, addressing a broken fan or ventilation issues might prevent costly mould damage in the future, ultimately saving more expensive maintenance in the future.
Respect tenant privacy
Tenants are entitled to enjoy peaceful residence of the property without ongoing contact from the landlord. At the same time, many landlords want to know that their property is being well maintained and that it hasn’t been turned into a frat house or meth lab in their absence. Certainty Property conducts routine inspections at least twice a year, and up to four times a year for certain landlords. Outside of that, we try and give our tenants the space they need to enjoy their home. When tenants do need us, we’re incredibly responsive and make sure that any issues are resolved as promptly as possible.
Start the conversation early
Your property manager should make sure they are fully aware of when a lease is due to expire so that they have enough time to have a discussion with the tenant about their intention to renew. If a tenant indicates they want to stay then this can be arranged mitigating any uncertainty around leases ending, and if appropriate, exploring a potential increase in rent. If a tenant has indicated that they do not wish to extend the lease, a property manager in consultation with the landlord can see if there is anything they can do so they reconsider, or otherwise has plenty of time to advertise the property to reduce the impact of vacancy.
Certainty Property is the only property manager that offers a rent guarantee that pays the rent if your property is vacant or your tenant is in arrears. Our rent guarantee also protects you from falling rents. If you’d like to know more about how Certainty Property can maximise your cashflows, say hello via our online chat – we do property management differently.