Most landlords want good tenants that will stay long term. Interestingly most tenants are looking for a long-term rental to call home. Shouldn’t it then be easy to find a long-term tenant?
How the property, the tenancy, and the relationship is managed can make a difference.
Putting some time and effort into keeping your tenants happy can pay off in the long run. Tenancy turn-over costs time and money. As your property managers we put in the extra effort to look after the tenants in place and reduce turnover costs and vacancy rates for your rental.
We have put together a few tips to help retain tenants.
- Select tenants that suit the property
Let’s say you own a one bedroom unit flat with low maintenance lawns, off a busy street, close to the town centre, with one covered carport. Think about the type of lifestyle of people this property would cater too and importantly, who would it not suit? Decide how may tenants you want to allow living at the property. We market and advertise to that audience. When there’s not many rentals available, we get many applicants that may not be suitable for the rental. Price your rental appropriately (Get a free appraisal!) to get a tenant that will be able to afford to live their long-term.
- Keep up with Maintenance
Maintenance is an inevitable part of owning any property. We have systems in place for tenants to report maintenance issues. When tenants request for maintenance, no matter how big or small, it’s important that they feel heard and know the issue is being addressed. We communicate with our tenants throughout the repair process and keep them updated. If the maintenance request is denied or deferred, we explain to the tenants why. E.g. A tenant living in a property with DVS or HRV would like the filters to be changed. We checked the records, and the filters were changed 8 months ago prior to the start of the tenancy. We explain the filters last for 24 months and it hasn’t reached the recommended service date.
- Respect your tenant’s privacy
Your tenants have made the property home and they want to enjoy their home with little disturbance. We give our tenants the required notice for inspections and maintenance. If they prefer to be present during inspections, we work around their schedule so they can attend the inspection. We are clear on our expectations of the tenants and educate them on how to look after the property. Showing some appreciation to tenants that look after the property can go a long way.
- Communication is key!
As a landlord you want tenants who are responsive, reliable, and respectful. So you should have a property manager who is willing to do the same for their tenants. Your property manager should return tenants’ phone calls and emails quickly just like any other customer/provider relationship. Even if we don’t have the answer, we will always acknowledge the tenant’s message and give a timeframe of the follow-up. This keeps the lines of communication open instead of leaving the tenants feeling ignored and annoyed with no responses.
- Give them reasons to stay
If you have great tenants then some small improvements can keep a tenant in place, like installing a dishwasher. If your tenants are happy and feel apricated they will be less likely to move on just because a fixed term is coming to an end. Maintaining the current rent can be attractive for a lot of tenants to stay on. Ask your property manager to do a rent review and discuss the benefits of adjusting or keeping the current rent.
When you are a landlord, you should aim to provide great accommodation that people want to live in. At the end of the day, there are going to be changes and tenants moving due to life events. If tenancy turnover is something you struggle with, we are here to help. We aim to minimize vacancy rates. This means we advertise properties promptly, work hard to fill vacancies quickly without sacrificing the quality tenants, and stay on top of maintenance.