With demand for rental properties soaring in the Hunter and Newcastle, landlords are in a prime position to secure great tenants.
But how do you make them stay? Here are four things you can do to help make that happen.
According to Smart Property Investment, areas like ours across the Hunter are experiencing incredibly low vacancy rates in rental properties as people increasingly move away from Sydney. In many locations the vacancy rate sits below 1%. In East Maitland it’s 0.96%, Belmont is just 0.7%, while in Toronto it’s 0.54% and Valentine was a super low 0.4%.
The rental market is very tight right now, with demand outstripping supply. As a landlord, this puts you in a great position to secure good tenants for your investment property.
Once good tenants have moved in, you’ll want to keep them. Apart from the loss of rental income when your property is vacant, there are other costs associated with vacancy and high tenant turnover. These include maintaining the gardens and general upkeep, keeping the electricity connected on a vacant property, and advertising and marketing costs each time the property is up for lease.
Here’s our guide to help you retain good tenants.
It starts before the lease is signed
Retaining good tenants starts with attracting good tenants in the first place. To do that, ensure your property is well maintained, up to date, and offers what renters in your area are looking for. Are the paintwork and floor coverings in good condition? Does your property have a dishwasher and air conditioning? Have the bathroom and kitchen been recently renovated or the appliances updated?
Taking care of these issues can help you secure great tenants who are happy to live in your property long-term.
Focus on maintenance
Keeping on top of maintenance not only keeps your tenants happy, it’ll keep your investment in good shape too.
According to a survey by the Tenants’ Union of NSW, a staggering 77 per cent of tenants don’t report maintenance problems because they’re concerned it will adversely affect their tenancy. But if maintenance and repairs aren’t addressed, it can drive tenants to go looking for another property where maintenance is prioritised.
That’s where a professional property manager comes in. They’ll schedule regular property inspections throughout the year and deal with any maintenance and repair issues in a timely, fuss-free manner. During the inspection, they’ll assess the overall condition of the property, and can uncover any maintenance problems that need addressing while chatting casually with the tenant.
Working with your property manager to quickly address maintenance and repairs shows your tenants that you care about their enjoyment and use of the property. This will help them feel more comfortable about staying put.
Communication is key
There might be times when you can’t take care of a repair straight away. In that case, make sure you communicate clearly with your tenants so they know you are dealing with the issue.
Good communication extends to other areas, too. You need to understand your legal obligations around how and when to communicate with your tenants about property inspections, rent increases, or notice to vacate. So familiarity with the NSW Residential Tenancies Act is essential. And of course, a professional property manager has the knowledge and experience to communicate effectively with you and your tenants to ensure a smooth and positive relationship.
Choose a great property manager
Working with an experienced property manager is one of the best ways to get the right advice to make your investment property a success. Altitude is one of the most successful real estate businesses in the Newcastle, Lake Macquarie and Maitland region. Our award-winning team are experts in building great relationships with landlords and tenants, ensuring you get the most from your investment.
For expert property management, contact our team today.