How to Find and Retain Golden Tenants
Finding great tenants that look after your property and pay their rent on time is one of the keys to investment success. Great tenants provide financial stability, regular rental income and peace of mind.
To find the ideal tenants, start by looking for the right property management team. A good property manager will combine expertise and experience with knowledge of the local community to make your tenant search simple.
Today we’re going to explore some of the solutions to retaining great tenants, as well as some features you should look for in a property manager.
What Attracts Great Tenants?
- Find a property with potential
An investment property that attracts strong tenants isn’t necessarily in a high socio-economic area. To get a better picture, talk to an expert about the typical type of tenant in your area. Also, consider the features in and around your property and research the competition in the area.
- Cast your net wide
Marketing your property effectively means using a diverse range of strategies that don’t automatically discount a potential customer. You can talk to your property manager about marketing options and the best way to attract tenants.
- Undertake thorough screening
Becoming inundated with applications can be daunting, but taking the time to explore your candidates’ rental history is important. There will be some potential tenants that you will be able to disregard immediately, and an expert can assist you with narrowing down the list.
Keeping Your Tenants Happy
Despite everyone’s best intentions, landlords and tenants do have disputes. Minimising these and quickly resolving any problems is the key to a happy relationship. When tenants have queries, requests or complaints, attend to these quickly and be flexible but fair in resolving these issues.
At their most effective, landlord-tenant relationships are mutually beneficial and maintaining this relationship will go a long way to retaining your tenants.
What to Look for in a Property Manager
A strong property manager will take care of every aspect of your investment for you, including managing tenant relationships.
Take some time to assess the qualities of a good property manager and interview prospective consultants with questions crafted to address your list of priorities.
An experienced property management company will have a proven track record and standardised procedures in managing the tenant search. They’ll have a good relationship with tenants, recognising them as clients and respecting them for the value they have in building your wealth.
Expertise Requires Passion
Expert property managers combine a passion for real estate, customer service and innovation. They will be proactive in communicating market factors that affect the equity you’re creating in your investment property.
A keen property manager will communicate summaries of reports issued by local, state and federal governments on changing demographics, suburb profiles and even market interest rates. This valuable information will help you determine the most ideal time to buy, sell or re-invest in your property, as well as raise rent or even refinance your mortgages.
A property manager with local knowledge will have an understanding of who they’re marketing to and how to present your property. This will help to promote the best possible return on investment.
The team at Astute Investment has more than a decade of experience on the Gold Coast and Hope Island, where properties are highly sought-after for their excellent returns and capital gains.
Talk to our experts about how you can find and retain the best tenants for your investment property.