Having a really great property manager can help to make sure your property stays tenanted for as long as possible. With average Australian rents of $347/week even a two week vacancy each year to re-let the property can leave you a hefty $694 a year out of pocket.
Here are some ways that property managers can keep tenants in the property.
One of the most common reasons that tenants contact the property managers is to get repairs done quickly. Tenants that have to wait for important repairs such as hot water systems not working will often get frustrated and start looking for another house. Responsive property managers can access their roster of tradespeople and get repairs done quickly, helping to keep the house in great condition. It can be useful when comparing property managers to ask how they respond to out of hours and emergency repairs and if they have a roster of tradespeople that they can call on for reasonably priced and speedy repair jobs.
Sympathetic and appropriate house inspections
While property inspections are an important way to identify any damage that is being done to the property, many tenants find them disruptive and potentially intrusive. Finding a property manager that allows tenants some flexibility to schedule the rent inspections around their work commitments and performs the inspections in a sensitive way that doesn't intrude on their privacy is ideal. As tenants stay in a property longer and keep it in great condition, it can be a good idea to allow them more flexibility to show some appreciation of their care to date.
Consistency of contact details
Just like anyone with an important job to do, property managers get sick or go on holidays. The tenants can find it frustrating if they cannot get in contact with a property manager so it's a good idea either to have a general contact number or a number for the property manager which is redirected to another person when the manager is not available. By making it easy to get in contact with the property managers, tenants can resolve small issues quickly and will feel like they are valued.
If you are looking for a way to keep your investment property tenanted with quality tenants, the answer can be to use a great property manager. Be sure to ask the property manager how they deal with inspections, repairs and contact from tenants.
I don't want to have to work until I'm 60, so I have a very active investment plan for my 20s and 30s. I hope I can retire at 40, so I have been investing in a range of real estate investments to make sure I have a steady stream of income as well as capital growth to fulfill that goal. My blog is all about finding real estate investments to support the goal of early retirement. I explain some of the things to look for when you are comparing different potential real estate purchases and tips on how to increase returns.