PM - Attract and keep good tenants

Attract and keep good tenants

Throughout the country, demand for rental properties by tenants usually outweighs the number of properties available. This supply and demand does fluctuate and can be seasonal. December and January is an example as it seems to be when people are moving into or out of the area with their work.

However, no matter what the demand, we need to be attracting and keeping good tenants, as they are valuable assets to our property investment. At the end of the day, a consistent rental income is of upmost importance. Here are some things that we can do to keep good tenants:

REPAIRS – the biggest complaint tenants have is that of repairs not being done or not being conducted in a timely manner. Tenants believe that when they pay their rent, it entitles them to a property in a good state of repair. All state residential tenancies acts also support this, and obligate the landlord to ensure that the property is kept in good condition.

IMPROVEMENTS – why not consider improving the property and increasing the tenant’s comfort and satisfaction in the property? Does the property need a verandah, pergola or carport? Does the air-conditioning or heating need upgrading? What about new carpets and flooring or installing a dishwasher?  Don’t forget to speak to your accountant on the tax depreciation available on capital works done on your property.

SECURITY – everyone wants to feel secure in their home! Do you need to upgrade the front and rear security doors, add window locks or even a security alarm? Depending on where the property is situated differing levels of security are to be considered. If a tenant feels secure, the desirability of the rental property increases and the less likely it will be that they will want to relocate sometime soon!