If you have investment properties in Perth, it means that you are not only a property owner, but a landlord, too. If you ask any of the leading property managers in Perth what is the most important success factor in being a landlord, they would all say that you must attract great tenants and then manage your properties correctly, so that they stay with you for a long time.
In other words, great returns start with great property management. Here are some things that you must do to maximise income and produce great returns on your investment.
Keep tenants happy and on side.
Failure to do this is the biggest mistake a landlord can make. Keeping your tenants happy is the linchpin of all the other principles we are going to tell you here. Happy tenants pay their rent on time. Happy tenants take better care of your investment.
Keeping tenants happy has to start from the first meeting. We spend close to an hour with each tenant at the lease signing. We give them a handbook and review all of our policies, especially any having to do with rate or payment of rent. We also give all new tenants a gift basket which has a lot of handy and useful items to help them feel at home.
We also send them a monthly newsletter giving helpful tips and the occasional free pass to a movie or dinner.
Bi-yearly rental reviews.
Make sure tenants know from the start that you will carry out a rental review every six months, and that their rent will increase as the market or expenses increase. Don’t be skittish about raising rents if comparable rentals show an increase. If your tenants move, they will have to pay the costs of moving, and have to pay the market rate.
Let your tenants turn your investment property into their home.
If a tenant is allowed to put down roots and add the touches that make a home their home, they will take pride and “ownership” in their home, and protect your investment. Be liberal in allowing personalisation, such as a garden, their own paint colours, or a pet.
To learn more, call 1300 472 427 and ask for Denise.
Read an article on: “Top Ways to Maximise Rental Income while Keeping Great Tenants: Part One“