Whether you have a single property or many, no investor wants an empty rental to become a drag on their portfolio. Planning, effective management and investing a little effort can help investors find quality, long-term tenants.
If you are yet to purchase a potential rental property, an important factor is to investigate rental demand and potential. If you buy in a location with high demand, you are more likely to secure a continued flow of interested tenants. Beyond this, you should also consider how property size, type and character will impact on appeal.
Effort to find a quality tenant
It is important to put effort into finding a quality tenant from the outset. Whilst bypassing screening procedures may fill the property quicker, selecting poor tenants could cost a lot more. Don’t rush – effort invested in finding the right tenants will pay off in the long term.
Management – keep the property in good condition
Always ensure your rental properties are well maintained and nicely presented – even when vacant – as this could be a crucial deciding factor for a potential tenant.
When leased, keep the property in good repair to encourage your tenants to stay for longer. Preventative maintenance to keep the property fresh, such as regular painting and new carpets, will benefit you as a landlord in the long term.
Management – good rapport with tenants
Try to develop a good rapport with tenants – engage with them and find out how they are getting on. Nurturing this relationship may mean that you receive more notice regarding changes to the tenancy, and it may make them more amenable to future inspections.