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Tips on how to keep your tenants long term
You have a great tenant and now you want to ensure they stay as long as possible. How do we hold onto good tenants’ long term? The answers are very simple.
Ensure the property is in good repair at all times and be responsive
Maintaining your property to a high standard at all times not only increases the value, but it also minimises the risk of vacancy. Tenants appreciate landlords who are willing to maintain their properties to a high standard and in return, they will work hard to look after the property.
Increase your rent regularly but in smaller increments
No tenant will appreciate a large rental increase, however all tenants understand that rent increases are inevitable. Showing your tenant a list of comparable properties and reducing the amount of the rental increase will prove that you are being reasonable and fair.
At the commencement of a Tenancy Agreement, try to diarise when the lease is due to expire and contact the tenant at least 60 – 90 days prior to find out what their intentions are and renew their lease accordingly. If you are looking for security, renew the lease as soon as it expires.
Appreciate the tenants
Reward tenants when they look after your property. If a tenant has maintained the property to a high standard, I show them that I appreciate them, whether it is leaving behind some chocolates or movie tickets or a personalised hand written thank you card, it demonstrates appreciation and your tenant will appreciate you for it.
If you combine the above tips, you will be sure to hold onto your tenants and minimise the vacancy periods. For more information, please don’t hesitate to contact Liza Baghdassarian on 9199 7501.
For more information about our customised property services, please contact us at our North Shore office in Sydney on (02) 9199 7501
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Meet Liza Freitas - Your Property Specialist
Liza Freitas, Managing Director of Exclusive Property Group, has extensive experience in property, specifically in residential property sales and property management.
Liza began her career working alongside some of Sydney’s leading property agents. And it is this unique mentoring, from successful and well known property specialists, that helped enhance Liza’s professional instincts and facilitated the development of her extensive knowledge and understanding of the property market.