Don’t have time to read our full blog and want the secret straight away?
Good properties attract good tenants.
Let’s look into this in a bit more detail.
Keeping your property in a well-maintained condition is the easiest way to attract and keep quality tenants. So, what are some tips for a successful rental?
Right people, right property
Get the tenancy started on the right foot – Make sure your property is up to scratch and advertise it to your target market (i.e. large families, students, professional couples etc. (you cannot discriminate but a small apartment is just not practical for a large family of 6+). The next step is to thoroughly vet applicants, ensuring they have a good credit history, glowing references and are suitable for the property – the house should match the tenants needs and ideally be a long-term solution for you both.
To avoid landing on the left foot, ensure you follow correct procedures and documentation processes through the viewing, application, and tenant selection process. Let us take the hassle out of finding the right tenant for you – email admin@terracepm.co.nz for a no obligation quote.
Prepare for the unexpected
Expect the best, plan for the worst – you need to set aside a portion of rent for unexpected bills which will arise from time to time.
Having some ‘rainy day’ funds readily available means you can tend to smaller repairs as soon as possible before they become a major. Realistically, all materials and appliances have a lifespan and will need to be repaired or replaced at some point. Whether it’s the dishwasher, hot water cylinder, floor coverings or a few roof tiles, the sooner you repair and/or replace things, the happier your tenant will be.
Annual rent reviews
Often, we see landlords who don’t regularly review their rent, keeping it in line with the market which leads to later issues. Small regular increases are more palatable for the tenant rather than a large jump every few years. While you may have great tenants and feel conflicted about raising their rent, a few years down the track you may be $100 per week out of pocket, meanwhile your insurance, maintenance, and rates have all been increasing.
And on the other hand, landlords can overestimate rent and have a vacant property for longer periods with zero income to cover expenses. We recommend using a local, knowledgeable rent appraiser or recent online rental data to assess your current rent.
Compliance, compliance, compliance
Establishing and maintaining a compliant home amidst the constantly changing legislation is required to avoid any legal and safety issues.
Staying abreast of updates like healthy homes standards, legislation and undertaking thorough inspections for insurance purposes will ensure you won’t get caught out having to refund rent if it’s proven you haven’t kept up to date or have an insurance claim denied because of insufficient record keeping.
Communication – the bridge between confusion and clarity
As is always the case, communication is key. Being approachable and available to maintain a positive relationship, a property manager is the go-to person between owners, tenants, and tradespeople, ultimately supporting a smooth process for all.
Hiring an experienced property manager can ensure your investments are as easy and stress free as possible, for all parties involved. If you’re after a local, dedicated property manager, give us call on 022 674 5508.
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