As the owner of a rental property, your source of income stems from the rent your tenants pay you. Therefore, it’s crucial you ensure they’re happy so their tenancy period runs smoothly.
Regardless if you’ve gone down the road of DIY property management or hired a professional, there are many ways to become a great landlord.
Listen to your tenants
If there is a problem with your home, such as a broken appliance or noisy neighbours, it’s likely your tenants will let you know about it. However, the key is to actually do something about it and not let their alarms go unheard.
Keep them informed of any progress you’ve made, such as booking a handyman or speaking to the pesky people next door. This will let them know you’ve listened to them and are taking steps to resolve any issues.
Improve the home
It’s no use holding onto a rental property if you’re not going to maintain it. To keep your tenants happy, and your property in good condition, stay on top of maintenance issues and freshen up the home every so often. Perhaps after the end of every tenant cycle, you might want to inspect the property and see if anything needs upgrading or repairing. Make sure any maintenance you undertake is done by a licensed, insured, professional.
Carpets are one area that see a lot of wear and tear over time and are an easily replaceable item.
Educate your tenants
When your tenants first move into your rental property, educate them about the home and their responsibilities. For example, when rubbish day is or if they need to maintain the lawns and gardens.
Most tenant responsibilities should be outlined in the tenancy agreement, but be sure your tenants have read and understand this in full.
Being an owner of a rental property comes with a lot of responsibility. If you’re unsure whether you have the time or experience to dedicate to your investment and your tenants, consider getting a professional property manager to assist you.
Should I engage the service of a Property Manager:
The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial or real estate decisions.