Renting out a home can be a great way to increase your income while investing in a valuable asset.
However, just as important as finding the right tenants for your property, is holding onto them. Having disruptions in tenancy can not only cost you money, it can be a stressful and time consuming problem.
Quality tenants will provide you with regular income as well as help to keep your investment in good condition. With this in mind, there are many strategies you can use to make sure your tenants are happy and remain yours.
Privacy At the end of the day, your rental home belongs to you. However, renters do not want to feel like they’re living at the whims of their landlord especially when it comes to privacy. By making sure you do all you can to give your tenants privacy, you will help them to feel like they’re living in a proper home, not just a temporary abode.
The best way to do this is to give proper notice before dropping by the property as well as not overdoing it with your visits. By contacting your Property Manager when you’d like to inspect, we can assure no issues arise. Better still, if you’re not in a rush, ask when we next have an inspection and come along.
Importance of Maintenance & Repairs Just as important as knowing when to leave your tenants alone is knowing when to put them at the forefront of your mind.
Repairs should be taken care of as soon as they are reported.
If an urgent repair is needed, your Property Manager will automatically send a work order to one of our First Team of Trades and email or phone you to advise of this work order request.
For all non-urgent repairs, your Property Manager, after researching possible solutions with approximate costs to repair, will email you with the issue as well as some possible solutions so that you can make an informed decision on the most appropriate course of action to take.
Your Property Manager will also keep your tenant informed of the action(s) that will be taken to fix their maintenance issue(s). By communicating with the tenant, the tenant feels that you care for their wellbeing and are more likely to respond by respecting your property which ultimately increases your property’s value.
Improving Your Rental Return It’s no use holding onto a rental property if you’re not going to maintain it. To attract tenants you must keep your rental property in good condition, stay on top of maintenance issues and freshen it up every so often.
If you’re the owner of a vacant rental property, now is the perfect time to take steps to improve the appeal of your property.
This will make it more competitive in the marketplace, meaning you have a better chance of attracting a new tenant, possibly a higher rent, and protect yourself from any rise in vacancy rates locally.
During a vacancy period, you should inspect your property and see if anything can be upgraded or repaired.
A new dishwasher or oven can make a huge difference.
Carpets are another area that sees a lot of wear and tear over time. They’re quick and easy to replace.
Would a fresh coat of paint make a difference? It takes very little time for us to arrange a painter and get the job done. Ask us for a quote and we’ll get onto it straight away.
Don’t forget all your maintenance expenses are tax deductible.
Selecting the Right Tradesperson As a landlord, you have an obligation to maintain your rental property in a condition that is safe for occupation. Plumbing, carpentry or electrical repairs done by unlicensed handymen increases not only the risk of an accident but also your liability and should never be permitted.
Your Property Manager will ensure that all repairs are carried out by a licensed tradesperson so both you and your tenant can rest assured of a safe environment.
First National North Haven - Team of Trades First National North Haven has built a strong foundation of professional and reliable trades people in the Camden Haven. For over 20 years, our team has been involved in the Camden Haven property sector having built many residential developments including some of their own homes and our list of qualified trades people is second to none.
If you are requiring a qualified trades person, please ask your Property Manager who will source the appropriate trade required for your job.
Please note that First National North Haven does not favour any of the trades or services it recommends. We ask that you rely on your own judgement and always receive two or more quotes. If you do, however, receive inadequate service by any trades person we have recommended, we ask that you contact us immediately and let us know of your experience.