Property Managers Melb | How To Hold Onto A Good Tenant
Finding a good tenant can be challenging. Holding onto one? Even more challenging! Read our top tips and learn how to hold onto a good tenant.
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How to hold onto a good tenant

A good tenant can help maintain your rental property for years to come

 

How to hold onto a good tenantFor any property investor, the value of a good tenant simply can’t be overlooked. Along with the peace of mind that your property is being looked after, there is a lot to gain financially. A good tenant can be the difference between your house increasing in value or stagnating.

 

A good tenant will treat your house like a home. They are less likely to cause damage to your house and even when they do you can rest assured they will rectify the issue asap. Good tenants will be on top of any maintenance issues with the house and be considerate enough to report any issues to your property manager. 

 

So for the sake of your house, it’s worth knowing how to hold onto a good tenant. The working relationship you have with your tenant can set a precedent for how the tenancy will be. This relationship can be a long-term solution for keeping your property in great condition. 

 

Keeping your property in great condition will help retain its value over the years while it’s being rented. So never underestimate the value of giving your tenant and the property the high level of attention they deserve. They are both helping you establish and build on your long-term wealth. 

 



The makings of a good tenant

 

An old saying suggests that the best tenants are the ones who always pay on time. While timely rent payments are great, they’re not the only thing you need to look out for. Ultimately you need to have a great level of trust with your tenant. 

 

If you can trust your tenant to take care of your property and treat it with respect, then you’re both set to benefit from this arrangement. A tenant who respects your property is more likely to report repairs and issues promptly. With a quick resolution, there’s less chance of issues building up and creating a bigger problem later on. 

 

Small issues like a faulty light switch, cracked roof tile, or leaking pipe can lead to bigger problems. An overgrown yard may look harmless but it can become a breeding ground for unwanted pests that can make their way into the investment property. The same can be said for gutters that get full of leaves and dirt. Over time they can cause blockages and cause roof leaks. 

 

Cleanliness is another thing to look out for. Simple acts like emptying the bins on a weekly basis can go a long way towards keeping the house clean and pest free. Even keeping wet clothes and towels off the ground can help prevent the growth of mould which leads to floor damage. If the flooring is covered with carpet then a simple steam clean once a year could be all that’s required to take care of it. 

 

You will also find a good tenant is someone who is cooperative and abides by the terms set out in the residential tenancy agreement. When someone follows these terms properly you can rest assured they’re not up to anything suspicious like subletting a spare room without your knowledge. 

 


How to find a good tenant

 

One of the first things you need for attracting a good tenant is a good property to begin with. Advertising property in great condition will attract a better type of tenant and a large number of applicants when the ads go out. With a larger pool of tenants to choose from you get to be picky. Your choice could end up being between a large family, a professional working couple or uni students. 

 

Before you lease your property out it helps to make sure it’s in good condition. All required repairs should be completed well before anyone moves in. The relationship with your tenant could get off to a rocky start if they’re forced to start repairing the house as soon as they move in.

 

When it comes to mastering how to hold onto a good tenant, your choice of Property Manager is essential. A good Property Manager will be able to advertise your property and get a good response from interested parties. Property Managers should also be very thorough when it comes to reviewing applications and checking references. 

 

When it comes to the rental agreement, try not to be too restrictive. Special conditions on the property or lease can be a deterrent that reduces the number of people interested in your property. If a lease is too short, people may find it’s not a secure enough option for them. If the lease is too long then it may seem like too much of a commitment for some potential tenants. 

 

Additional options like having pets can also help sway some tenants over the line. Just make sure you include rules in place for pet owners in the lease agreement to make sure your property is protected. A tenant with a well-behaved pet is just as good as one without a pet. 

 


5 essential tips for how to hold onto a good tenant

 

To help you hold onto a good tenant we’ve included five essential tips you can follow.

 

  1. Make sure all repairs and requests are taken care of in a timely manner. Take these requests seriously and don’t force the tenant to wait around for ages to get things fixed. Time is always of the essence!
  2. Maintenance is so important for helping to prevent your rental property from deteriorating. Keeping your property consistently maintained creates a comfortable environment for your tenant to live in and will help encourage them to stay longer.
  3. Try and be open to any of the tenant’s requests and don’t be afraid to compromise on these requests. It’s in both of your best interests to have a good relationship. Being receptive can help build a solid relationship with your tenant. 
  4. Don’t get too greedy with rent reviews! Try and be fair and gradual when it comes to rent increases. A large jump in the rent can instantly scare away a tenant and make them think twice about renewing their rental agreement. 
  5. Happy with the way things are going with your tenant? Don’t be afraid to let them know. It’s nice to feel appreciated and positive feedback can only help to encourage a positive relationship with your tenant.

So what holding onto a good tenant really comes down to is fostering a good relationship with them. Get this relationship right and you may well end up with a good tenant that helps look after your investment property. 

 

The benefits of a good relationship can help maximise the value of your investment property for the foreseeable future. It’s in your best interests to make sure that your property is maintained and updated. With a house your tenant can be proud of, there’s a good chance they will want to take more respect and care for your property.

 

When you are both looking after your best interests it can do wonders for the condition of your house. So remember the fundamentals when it comes to how to hold onto a good tenant. These fundamentals will help set you up for success when it comes to your first investment property and any more you have in the future. 

Questions? Feel free to ask. 

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