As a landlord, there is nothing more stressful than when your property is vacant. To help minimise the risk of this happening to you, you need to make sure you look after your property & tenants. iThink Property Manager, Katrina White has put together a list of five reasons tenants tend to leave their rentals, along with tips and tricks you can implement to avoid the constant chop and change of tenants in your property.
If a tenant constantly has to deal with leaking roofs, clogged pipes and pest problems they are going to get frustrated. Having to contact the property manager, lodge a maintenance request and schedule a suitable time for trades etc. can become time-consuming and quite irritating, especially if it happens continuously!
One way to avoid this is to ensure you have regular maintenance jobs completed. If it helps, set reminders to have things checked quarterly, to make sure everything is under control. If problems do happen to pop up, make sure you organise for them to get completed as soon as possible. This way your tenant can see you are fulfilling your responsibility as a property owner, and they will be more likely to renew their lease.
Don’t under-estimate a tenants knowledge of the rental market. If you try to bump up your price just to pocket a little extra you could lose your tenant. Tenants are very sensitive to price changes. Be sure to do your research when it comes to pricing your property. What are your neighbours offering? What is the average rental price for the suburb and surrounding areas? Also what key features are you offering that could either boost or disadvantage your asking price?
Ways to avoid overpricing your property is to be aware of the rental market, stay up to date with the trends, research what similar properties in the area are offering and be willing to compromise. It is essential that you are willing to work with the tenants’ needs; otherwise you won’t have a tenant at all. Also, ensure you maintain a good relationship with your property manager as they will be able to give you pricing advice and help inform you of any market changes.
On-going noise complaints and constant conflict with the neighbours are also a significant reason tenants tend to move. If tenants are not getting along with their neighbours and vice versa, it can then reflect on you or your real estate.
One way to overcome this is to introduce yourself to the neighbours and let them know your plans in leasing your property. To give them a little more reassurance, provide them with the contact details of either yourself or the real estate agency to call in case of any problems. By going to have a chat with the neighbours, this will not only start a good relationship with them but will also give you a little more information on who they are. When it comes to finding a tenant, make sure you are communicating with your real estate agency to make sure you are finding the right person for your property.
You need to ensure your property is up to date and modern; otherwise you could lose your tenant! Simple changes like a fresh coat of paint and new appliances can make all the difference in a rental.
An excellent way to make sure your property is kept up to date is to take a look at the most recent routine inspection. These days, many property managers take photo routine inspections so owners can visually see the condition of their property. Take a good look at the photos and see if there are any areas you can improve. Also, make sure you have pest control performed routinely and quick handyman jobs completed quickly to avoid more significant issues. Having an aesthetically pleasing and perfectly functional home will not only help keep tenants in place but will maintain the longevity of your investment property.
Each of the reasons above tends to stem off poor communication. If correspondence between you as a landlord, the tenant and the real estate is frequent, quick and easy, it does make the process of renting and investing more enjoyable. To ensure you are maintaining good communication, always be prompt in replying and make sure your contact details are up to date. This way you can ensure all jobs are kept up to date, the tenant is happy, and the property remains occupied.
KATRINA WHITE – PROPERTY MANAGER
07 3202 3040