How to Establish a Long-Term Tenancy
A 5 star tenant would be someone who is reliable and upstanding. Their interests are bound to your business, so the property owner and property manager should always take them into consideration when making decisions. You want to establish a long-term rental relationship built on mutual respect and where you encourage one another to make each other’s lives easier.
Make valuable updates
If you want your investment property to attract a great tenant who is best suited to it, you want to present a property that is highly desirable. Consider making changes or additions that are valuable to your key demographic. Renovating the kitchen and the bathroom can be a great investment as these are the rooms that face the most scrutiny from potential tenants. Extra storage, such as built-in robes or a storage cage, can be a big motivator for your ideal tenant.
Market wisely
Who exactly is your ideal tenant? You will have a better chance of figuring this out if you make use of target marketing. Using demographics, such as location, age and other background information, you will be able to understand your potential tenant’s needs better and appeal to their interests. For example, a family will likely want to be located near schools, while a pet owner will want a good-sized yard and a student will require the ability to travel quickly to university. Once you understand your target market, you can then properly market the features of your property that interest them most.
The application process
During this time, you want to perform a thorough background check and ask for references. However, always remember to avoid discrimination. If your 5 star tenant appears to be hesitant, reach out to them. Showing that you value their time and allow for compromises is a great first impression.
A warm welcome
Start the tenancy on the right foot. Is the tenant new to the neighbourhood? Providing them recommendations of the best restaurants and hotspots will make them feel welcome. Always add a personal touch, which you can do in small ways.
Repairs and maintenance
Be consistent in providing a clean and safe home for your tenants. Neglect is often the root of rental property troubles, so be sure to respond to requests in a timely manner. Put agreements into writing to avoid disputes and always provide adequate notice before carrying out any work on the property. Your investment property is your tenant’s home too, so be sure to respect their privacy. A well-maintained property will keep both you and your tenants happy.
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