It's one thing to find the right property to invest in. Another to get the purchase over the line and find the right tenants.... and then another bucket of fish all over again to keep the everyone happy!
As we all know, most landlords are not the evil trolls portrayed by Tracey Grimshaw... Just like most tenants are nothing like the horror stories we see on the news or in the papers - they are hard working, house proud, and can be counted on to look after your investment. Getting the right tenants can be crucial in your path to property investment success, so we spoke to a few particularly good ones across our books to find out what keeps them in a property longer.
Unsurprisingly, this was the most common theme amongst our tenants. Not only does a kitchen with fresh looking bench tops and a dishwasher win you more tenancy applications, it will also keep the value of your investment travelling in the right direction. Dishwashers are a standard appliance for households today, and anything that subtracts the risk of excess moisture around skirting boards and tiles doing damage is great for both renter and landlord. And fresh bench tops? These are extremely affordable to select and install and can move your property up a price notch to boot. Most of the living of the home happens in the kitchen, and prioritising your budget to focus in this area is money well spent. Camping stoves are for camping - and you want to attract the sort of tenant who will love to spend time in their new home primping and preening it for you.
Availability and Communication
Of course, you and your agent aren't expected or expecting to be available 24/7 to your tenants. But when something goes wrong with the property, not only is there a legal obligation to resolve within a tight turnaround time, it's also best for the upkeep of your property to stay on top of any issues that come up. Ensure your property manager is proactive when it comes to maintenance, rather than just sweeping it under the rug - communication is key, no one likes being ignored. Things like leaking pipes, dodgy hot water systems and electrical issues are all best dealt with immediately, and your tenants will not only be forever grateful for responsiveness, but you can save yourself big dollars later when the problem escalates
Finish the job
Many properties will do a paint of the walls and a change of the carpet after x amount of years. While there are initial savings to be made on cheaper paint and carpet, opt for quality over short-term bargains as it will last much longer than the life of a single lease. Tenants are looking for a home, and ensuring that all walls and carpets have a consistent finish - no random patches showing on internal room walls or painted over window sills - will be worth your while in keeping them loyal for time to come. When it comes to finishing the job, a good property manager will have excellent relationships with their suppliers: handymen, plumbers, electricians, painters and so on. Renting out the jobs over a faceless internet platform might sound easier, but when you need to keep the quality of your investment up to scratch and your tenants loyal, nothing compares to having those quality suppliers all managed for you.
If you're after a reliable, accessible and excellent property manager who knows your investment as well as you do, contact Ashby Partners Real Estate here:
LinkedIn: @Ashby Partners Property