Six ways to be a stellar landlord
We often talk about the attributes of great tenants, but what does it take to be a stellar landlord, and why does it matter?
Well, landlords who take the time to consider the needs of their tenants and view them like their clients often enjoy the financial return of long-term tenants who look after their property well.
With that in mind, here are six ways to be a stellar landlord.
Clean, tidy and in good repair
The landlord/tenant relationships starts long before a lease is signed. It involves looking around your investment property and considering would I like to live here or is anything in need of repair?
If you find there’s room for improvement in your property, then the time to remedy any issues is before the tenant moves in. This ensures the property attracts high-calibre tenants and minimises repair and maintenance disruptions during the tenancy.
Engage a property manager
Property managers facilitate timely, professional communication between the landlord and tenant, while ensuring both parties’ rights and responsibilities are met.
A good property manager is worth their weight in gold, also ticking procedural and compliance boxes such as lease renewals, bond registrations, and routine inspections while handling any maintenance requests.
It’s the landlord’s responsibility to ensure their property is safe and livable, and throughout any tenancy it’s likely you will receive maintenance requests for small and sometimes big issues that might arise at your investment property.
It’s important to consider these requests fairly and have any required repairs or maintenance completed in a timely manner. This indicates you value the tenant, but most importantly illustrates you respect that this is your tenant’s home.
While repairs and maintenance might occasionally be required, it’s also a good idea to minimise disruptions to your tenant’s lives where you can.
As we’ve mentioned that means conducting major renovations or alterations before a lease begins, and also involves considering how often tradespeople (or you, the landlord) visit the property.
Rethink the rent rise
It might be tempting to raise the rent at the earliest opportunity, but it’s also important to consider whether that rise is in line with the market and whether it’s fair to your tenants.
We are not suggesting you take a financial hit here, but rather look at it in the context of balance. After all, a long-term tenancy with good tenants reaps returns in itself, including consistent rental payments and the peace of mind that comes with knowing your property is being looked after well.
Your tenant is your client
A great way of looking at the landlord/tenant relationship as an investor is to consider that the tenant is your client.
They pay you for a product/service which in this is the use of your house. And just like in business, that means you as the landlord should carefully assess the quality and value of the product and service you are offering.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both tenants and landlords. We manage every property as if it were our own and you can learn more about our property management services here.