The best investors always explore different strategies to potentially strengthen their returns, including how to attract and retain quality tenants and keep that cash flow rolling in.
One of the most logical ways to amplify your portfolio’s income is to boost your property’s appeal. And we’re not just talking about a coat of paint and some flowers in the front garden.
Of course, your investment needs to be aesthetically pleasing, but you should also consider how you might work with your property manager to ensure your tenants feel at home.
How do you create a rental experience that makes your perfect tenants never want to leave? Here are six ideas to get you started…
A large sector of Australia’s tenant population is relatively transient. Many renters move from one location to another, following their career trajectory or some type of relationship ties, with no geographic barriers in the form of bricks and mortar.
A great way to stop your tenants in their tracks is to invite them to get to know and become a part of the local community.
Provide an information pack at the commencement of their lease, with takeaway menus, hairdressers, cleaning services and so on.
You can even personalise the pack. If they have a dog, for instance, you might include details around obedience clubs, veterinarians and walking tracks.
Things like vouchers from the local café will encourage tenants to get out and about and connect with the area, giving them a sense of belonging that might make them reluctant to leave.
This requires a bit of planning, but a good property manager will have strategies in place to stay connected with landlords and tenants.
This could involve a quarterly or bi-annual email to keep your tenants abreast of things like routine maintenance and inspections or rent reviews, as well as anything of interest that might be happening in the neighbourhood, such as upcoming events.
We all like to feel special and your tenants are no different. If the people living in your investment consistently pay on time and keep your property neat and tidy, these are things you would do well to acknowledge.
A Thank You note or Christmas card to show your appreciation – delivered appropriately via your property manager of course – is a great way to win favour with tenants and give your investment that competitive market edge.
What makes a home? We would encourage investors to make a list of all the things you associate with a loving, happy home and then consider how this might translate to a tenant’s experience of your rental property.
It can make all the difference if you agree (within reason) to allow your tenants to keep a pet and hang some family photos up, without fear of being vilified for a hole or two in the wall.
In fact, a great point of difference that your tenants will surely remember (and that will prevent any accidental damage) is a thoughtful gift of those sticky picture hanging strips that come cleanly off the wall, without leaving marks.
A nice new ‘Welcome Home’ mat at the front door and a basket full of essentials like tea, coffee, a bottle of bubbly and err, loo paper, for that first exhausting night after moving in, tells your tenants that their landlord is willing to go the extra mile.
Not only will the addition of a weekly or fortnightly garden service justify you asking a rental price above market value, it will also convey to your tenants how committed you are to investing in the maintenance of your property.
The sense that their home will be well looked after by you, is certain to make your quality tenants want to do the same and importantly, could see them think twice before giving notice at the end of their lease.
Taking some of these small steps to acknowledge your tenants as an integral part of your investment journey could enhance the appeal of your investment and in turn, see you enjoy consistent cash flow for many years to come.
If you would like more ideas on attracting and retaining quality tenants, why not contact us for expert guidance and pro-active property management strategies, to give your investment that competitive edge.