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As a property investor, success largely hinges on finding and retaining quality tenants. How do you ensure tenants look after your investment and pay the rent on time? Let’s find out.
Chances are that you’ve read horror stories about tenants trashing apartments or skipping town without paying a cent. While disputes between landlords and tenants are common, this ‘worst-case’ scenario can certainly be avoided. Here’s how.
First of all, it makes sense to write down the characteristics of quality tenants so you can identify and attract them to your property. For most investors, good tenants have a proven ability to:
The number one way to attract good tenants is to ensure your investment property is high quality before you advertise to find them.
The majority of good tenants look for homes or apartments that are:
If you can’t tick those 3 boxes, you might miss out on good tenants because they will choose a property that does.
Using the professional services of a property manager like our team at DPN can help you to advertise and screen for good tenants.
A compelling, online listing is the first step to attracting the best tenants. We will use professional photography to highlight your property’s benefits, especially those that offer lifestyle perks like outdoor entertaining areas.
We will also provide detailed descriptions of other key features of your property, such as how close it is to a specific shopping centre, school or beach and any energy-saving features it may have.
Ahigh-quality listing will attract tenant enquiries and applications. Our team will handle any potential tenants queries on your behalf, as well as screening any tenant applications to find the most high-quality applicant for your property.
We approach screening tenants in the same way as we approach job interviews for people who want to work for us. We ask plenty of questions, check references and contact referees to verify applicants’ information.
We do the same when screening tenants for our clients. We ask plenty of questions and check both their current and previous employment as well as their rental history. Our thorough processes help to ensure good tenants for our client’s rental properties. It also saves our clients the time and hassle of doing these tasks themselves.
Once we’ve attracted high quality tenants for our clients, the next step is retaining them for as long as possible.
A well-maintained property helps to retain quality tenants.
Retaining quality tenants is the easy part providing their expectations are met. This means ensuring that:
It’s important to understand that when you look after your property, your tenants are much more likely to value it too, which includes paying their rent on time. To prevent any possible disputes, make sure all stipulations are clear upon signing the lease agreement, such as who is responsible for maintaining the garden or for paying water and electricity bills.
The best way to increase your chances of retaining good tenants is by using the services of a professional property manager like one of our DPN team. We will handle all tenant communication on your behalf, as well as promptly attending to any repairs or maintenance requests that may arise (after getting your approval). We will also be proactive in the lease renewal process in consultation with you.
Contact our property management team today to find out how we can attract and retain good tenants for your rental property. We’d be happy to answer any queries you have about our proven processes and track record of rental success with our range of landlord clients.
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