Investor Hints and Tips
The Top 6 Things that Tenants are Looking for.
Like everyone, tenants want comfort, convenience and amenity. Of course this will mean different things to different people but if you have a property that offers the following features tenant interest and satisfaction will be maximised. This will mean increased rental returns and reduced vacancy.
Air Conditioning Dishwasher Built In Robes
Undercover Car Parking Gas Cook Top Outdoor Dining
Of course, not all properties can offer all of these features but if you have the ability to include as many of these features as possible it would be an investment in the increased viability of your property.
Does allowing pets increase rental potential?
Landlords are often wary of allowing tenants to keep pets, and rightly so. Pets can potentially cause damage and nuisance. However, if you can offer a property that is pet friendly, this can present an opportunity to gain an increased rental and tenant stability. To reduce any adverse effects it may be necessary to demand an increased bond and an agreement from the tenant to increased inspections, especially in the initial stages of the tenancy.
Mayfair Property Management & Protection can assist with the management of this issue.
Don’t Get Emotional
Remember that your investment in property is a business. It is all about both the short and long term return you will generate. To maximise this return you need to remove all emotional involvement and look at the cold hard numbers. This applies when selecting which property to purchase and also the management of your asset. You need to charge the best market rental, demand timely payment and be prepared to evict any tenant that does not meet the conditions of their lease. This is where a good property manager is essential. They can ensure that the tenant is treated in a professional, lawful and respectful manner and that the overall experience is profitable and stress free for you.
Don’t accidently lose a great tenant.
Good quality tenants who respect your property and pay their rent on time are an incredibly important factor in the success of your property investment ‘business’. It’s a common mistake for property managers to take your good tenants for granted whilst concentrating all their efforts on the problem tenants. At Mayfair Property Management & Protection we believe in treasuring our great tenants. This means keeping the lines of communication open, responding promptly to their needs and just showing, in simple ways, that they are appreciated.
Keep on top of Repairs and Maintenance
All properties will require repairs from time to time and if you want to keep good tenants, it’s important to ensure they are carried out as soon as possible. If you are handling the property yourself make sure that you have tradesmen available who can react to urgent repairs. Don’t forget that these can occur anytime. (And usually the worst possible time!) For non urgent repairs you should obtain 2 or 3 quotes and insist on a timeframe commitment from each provider, both for a commencement and completion date. Mayfair Property Management & Protection have resources available to make this process efficient and cost effective for you.