When asked to describe their ideal tenant, many landlords will list only two requirements – pays their rent on time, does not damage my property. While these are two very important factors, the true value of the ideal tenant lies in maintaining a positive, long-term relationship with your tenant.
There seems to be a hard-wired misconception that tenants see their landlords as hard-nosed, stingy individuals out to maximise profit, while landlords view their tenants as untrustworthy and careless with their property.
If you, as a landlord, wish to maximise the output of your rental property, you must aim to dispel such misconceptions and try to foster a loyal tenant base who want to live in your property, long-term.
This is where the value of an experienced property manager really pays dividends.
An experienced property manager knows (A) how to find a well-suited tenant and (B) how to work to educate the tenant on both what they can expect from the agreement and what is expected of them as a tenant. Outlining expectations upfront will quell any disagreements over responsibilities and will allow a pleasant landlord – tenant relationship development.
Once you have established a portfolio of tenants who are respectful of your property, you vastly minimise disputes which allows you to take a step back and examine which tenants you want to keep on long-term.
Martin Donnelly, who heads a team of dedicated property managers at Ray White Ponsonby, comments that, by minimising your rate of tenant turnover you greatly increase the returns on your property investment.
“As property managers, the key is balancing the tenant – landlord relationship. Good tenants must be aware that their responsible tenancy is valued and landlords need to feel their property is being well looked after”.
“When this is done well, we see stable, consistent tenancy meaning our landlords properties do not sit vacant”.
If you have a good tenant, who goes the extra mile to ensure your investment is well cared for, it is worth letting them know that you appreciate it. A simple email to thank them or a small gift at Christmas will leave no doubt that you value their tenancy – much like a business offers benefits to returning customers. Such gestures show your ideal tenant that you appreciate their business and will increase the chances of them staying on, long-term.