5 reasons being a good landlord pays off
Australian comedian Tom Cashman recently made the news by asking potential landlords for references. While this definitely isn’t standard practice, it is a good reminder that looking after tenants is so important, and can often mean a more profitable investment. Why? Read on to find out.
Your tenants will see the property as their home
People will generally take better care of a well-maintained property than one that is falling apart. Tenants who feel that they are being treated well by their landlord or property manager, and live in a good-quality and fairly priced home, will see it as their own. Giving your tenants the option to hang pictures or put up shelves and do a bit of gardening will also encourage them to settle down for longer. So look after your property as you would your own home if you want your tenants to do the same.
You’ll have tenants that stay longer and save on letting fees
Being open-minded can pay off when it comes to investing in property. While some landlords automatically turn down tenants with pets or small kids, these people actually tend to stay longer and pay their rent on time, so think carefully before you rule them out. While there may be a little more wear and tear, any damage is easy to fix and it’s generally better to have people in for a longer period of time than a series of short tenancies with vacancies in between. Being flexible is worth it in the long run.
Your property won’t stand empty
The cost of finding new tenants is considerable and isn’t something you should skimp on. You either need to pay a letting agent to check references, complete background checks and interview tenants, or find the time to do this yourself, without agency-only background checks, which adds to your risk. Ideally, a satisfied tenant won’t be in any hurry to move, avoiding these costs.
Ensuring that you are bringing a well maintained, well presented home to the rental market will help it to stand out to potential tenants. It will be leased faster, meaning less time spent paying a mortgage on an investment that isn’t generating any returns.
Maintenance and other issues won’t become larger problems
If you or your property manager carry out regular inspections, and deal promptly with small problems, you will preserve your property’s value and reduce the risk of expensive repairs later on. Should you choose to sell at some point, a property that needs only cosmetic updates will leave you with more money in your pocket than one that needs extensive work before going on the market.
Another area that a good property manager will handle is ensuring you are fulfilling all of your legal obligations as a landlord. From smoke alarms to bond payments and repairs, we understand the fine print of a tenancy contract and the importance of following all regulations, saving you money and providing you with peace of mind.
You’ll save on property insurance
Some people would argue that landlord insurance is actually bad property management insurance. Here at Established Property, we manage a wide range of properties for our clients, and we aim to find great tenants and then look after them and the property so that our clients can get on with their lives. A great property manager means you won’t need to waste money on insurance excess for problems that arise such as disappearing tenants – and property management is a tax deduction, too.
Talk to Established Property about your property management needs
We have looked after many properties for our clients here in the west of Melbourne, and we know what our tenants are looking for. We also have a strong network of local tradespeople to deal with any issues that arise.
If you are interested in our property management services, or would like to find out more about upcoming listings, please feel free to get in touch.
