In part one, our Perth property management firm gave three tips on why it is important to attract and keep great tenants, and how to do so. This month, we have four more important things that you must do to ensure success as a property investor and landlord in Perth.
Keep your property well-maintained.
This is extremely important. You must keep your property in the best possible shape. This attracts the best tenants and makes them want to stay. It also ensures that you will be able to command the best rental terms, and the best sale price when you decide to “cash out.”
At Investors Edge, our property managers stay on top of maintenance. We conduct regular inspections and encourage tenants to report maintenance needs. In addition, we have a reliable team of tradies that we can always depend on to do a prompt, thorough, and professional job on any maintenance or repairs.
Keep the air conditioner in perfect shape.
What’s that: you say you don’t have an air conditioner? Install central air now. If you don’t, your tenant pool will shrink, and it can cost up to $2,400 per year in reduced rental fees. In other words, it takes less than two years for a new air conditioner to pay for itself. In addition, you can declare depreciation over a four year period.
What else do your tenants want?
If you want your tenants to feel like you are more than just a landlord, ask them, “Is there anything else we can provide for you to help make your home even better?”
You have no way of knowing what your tenant’s needs are unless you ask. Some will want cosmetic improvements. Some will want more security. Some will want a small, extra air conditioner or dishwasher. Then, ask if they would be prepared to pay a small rent increase.
Minimise vacancy time
Vacancy time is money that comes directly out of your pocket. At Investors Edge, we plan ahead and try to have any property rented in advance before the tenant moves out. You only have 2-3 weeks to find another tenant: show the property on weekends and after hours if necessary.
Call Denise on 1300 472 427 for more information or post a question below now.
Read an article on: “Keeping Great Tenants While Maximising Rental Income: Part Two“