Good tenants are a dream come true for Investors as they take care of your property and will keep you updated of any maintenance issues, making them a reliable income source. Retaining tenants for a long period of time is key, as you have a steady cash flow from your tenants. Here are 5 ways you can keep good tenants for your Investment Property.
Don’t set rents too high. This practice often drives tenants away, especially if a more affordable option comes along. Beware of prospects willing to rent at a higher value, as they may have had rental issues in the past.
Don’t set rents too low. Setting your rent a tad lower than the market is a great way to retain a tenant, but setting it too low can also drive away tenants in the event that you decide to increase rent. Avoid low rents as this may give tenants the wrong impression.
Maintenance. As the property owner, it is also your responsibility to keep the property safe, clean and well maintained. Regardless of the type of tenant, there will come a time that you will have to shell out a few for repairs.
Have a good relationship with your Property Manager. Be in contact with your Property Manager and keep an open line of communication. They should let you know if any maintenance issues come up, and they should be in good terms with your tenants.
Let go of the bad ones. Take the appropriate action if the situation calls for you to evict a tenant, especially if they are using your property for illegal activities. Not only are you saving yourself from trouble, it gives the good tenants the impression that you are a considerate landlord.
Read more about this on the Property Observer website.
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