Monthly Archives: December 2019

Why being a great landlord protects your investment

We’ve all heard the horror stories of dodgy landlords who make their tenants lives hell. But what these landlords fail to realise is this fact – great landlords attract great tenants.

The benefits of being a good landlord

Creating a reputation as a great landlord serves you in many ways. It means happier tenants who are more likely to stay for the long-term. This, in turn, saves you money and stress in having to re-advertise your investment property when tenants leave; not to mention the many weeks of lost rental income in the meantime.

So if you want to be one of the goodies, not the baddies, here are a few essential tips to make your tenants truly feel at home in your home (and protect your investment along the way!).

  1. A few welcoming essentials

Write a short welcome note letting them know how happy you are they’re calling your property home for a while, and that they should feel free to contact you directly with issues (or the real estate agent if they are handling queries for you).

Perhaps you can include a few items to ease the stress of moving day. Some milk and juice in the fridge, some fruit and bread on the counter, and some toilet paper in all the toilets will go a long way towards upping their appreciation level of you as their landlord.

  1. Give them a neighbourhood overview

This tip is all about helping them smoothly transition into their new space. Create an introductory pack that contains:

  1. Information about the local supermarket, milk bar, café, bakery & nearest park
  2. A few local takeaway menus (they’ll love you for this one on moving in night!)
  3. A note detailing bin night & any property nuances
  1. Keep on top of maintenance issues

Maintenance issues do occur and it’s a good move to take action as soon as you can. Don’t be the landlord that is always unavailable. By responding quickly, you’ll show you care about your property. This will likely have a flow-on effect of making them care too.

  1. Follow the rules

You have professional and legal responsibilities as a landlord, and there are things you should and should not do. The rules exist for a reason and, just like you want your tenant to abide by them, you need to follow them too. It’s your responsibility to ensure you understand what they are.

If you’re not sure or this worries you, consider engaging the services of a real estate agent to professionally manage your property. They can help you when it comes to knowing what you can do, and what they can handle on your behalf.

  1. Be respectful

The first thing to remember here is your tenant is your customer, so act professionally when communicating with them.

The second thing is that even though the house (or apartment or unit) is yours, it’s your tenants’ home. Respect their time and tenancy by being flexible in arranging suitable times to fix maintenance issues. If you have a realtor doing this for you, tell them how important it is to you that your tenants’ time and privacy is respected.

Bonus tip: protect yourself

Even with the best intentions, things can go wrong. That’s why it’s important to keep electronic copies of all correspondence between yourself, your tenant and your real estate agent (if you have one). If there’s a dispute down the track, you have clear proof of what was said or agreed upon.

We hope these tips help you secure a fantastic tenant who not only appreciates the efforts you go to make their tenancy a great experience, but looks after your home as if it were their own.