PM - Retaining great tenants

The ultimate goal of a property investor is to yield a strong rental income in line with the quality and size of their property, reflecting market trends. 

The best way to ensure your investments are working hard to build your wealth is to aim your efforts at retaining quality tenants, avoiding damaging periods of lost rent should your property become vacant. Focus on developing an open, respectful relationship with your tenant. Should emergency reparations be undertaken or fair maintenance requests made, make sure these are acted upon in a timely fashion. 

A well-maintained property with a conscientious landlord is attractive to tenants, and can increase the likelihood of a lease renewal – meaning less ‘wear and tear’ on your asset and fewer costs for you in terms of advertising and re-leasing to new tenants. 

Funnily enough, happy tenants often take great care of their rental properties too - so keeping up with repairs can reduce your costs in the long run in more ways than one! 

Effective communication with your property manager as messenger can improve the way your tenants care for your property, increase the period of time they remain in your property … and keep your rent coming in like clockwork each month, too!