Investors cannot afford to be complacent about the condition of their properties because, if no one is willing to pay rent for a property, they will end up in trouble.
With the rental tide turning in favour of tenants it is important to consider what tenants want from a property.
The best way to keep a tenant in your property and paying rent is to make sure that they have nothing to complain about.
There are a number of simple ways to keep existing tenants happy.
"What usually sends a tenant looking elsewhere is when there are repairs or desperate renovations which are left unattended, and they feel they might as well pay the same elsewhere for a property in better order."
Top tips for keeping a tenant long-term are:
- Ensure your property is well maintained
- Have a good property manager who has the relationship so you can avoid any confrontations
- Increase rents when the market moves, but only if your property is competitive
- Attend to repairs and maintenance as quickly as possible
- From time to time, carry out a repair or renovation just before it's needed to improve the tenant's lifestyle
- It is also a good idea to update any furnishings provided every couple of years and to keep carpets and interiors professionally cleaned.
