Finding and Keeping Good Tenants

Attracting and retaining the right tenant for your investment property should be one of your most important objectives. Rental vacancies are low but that doesn’t mean property owners can relax when it comes to choosing tenants. Good tenants are still the key when it comes to maximising the return on your property investment. Consider the following recommendations when looking to attract and retain the right people for your property.

Good Tenants – What Do They Want?

Attracting and retaining the right tenant for your investment property should be one of your most important objectives.

Rental vacancies are low but that doesn’t mean property owners can relax when it comes to choosing tenants.

Good tenants are still the key when it comes to maximizing the return on your property investment. Consider the following recommendations when looking to attract and retain the right people for your property.

Recommendations to Help You Attract and Retain the Right People

Be fair: Rental prices have sky-rocketed around the country but that doesn’t mean you should jack up the rental on your property. Use the average price of rental properties in your area as a guide: if you go too high you’ll limit the number of applications you receive.

Think about how you advertise your property: Focus on the best features of your investment property and don’t forget to include the attractions that are close by, for example shops, schools, pubs, restaurants and public transport. We buy houses in Daytona Beach

Check references: Ask all applicants to provide a reference from their previous landlord and give them a call. You’ll need to ask questions about the condition of the property on the tenant’s departure, whether or not they paid rent on time and if there were ever complaints from the neighbours.

Make your property pristine: When applicants are inspecting your property it’s essential that it’s in tiptop order if you’re hoping to attract the best tenants. Fix all problems and make sure the property is clean and gardens are neat and tidy. Splashing out on a fresh coat of paint is well worth the effort.

Be a good communicator: If your chosen tenants are keeping the property in good order and are meeting all their repayments on time they’re well worth hanging on to. Home Buyers. To make sure your tenants stay satisfied, keep on top of any repairs that need to be made, investigate any requests and give your tenants plenty of notice if you are going to call around or make an inspection.

Look Before You Leap – Pre-Purchase Inspections

A pre-purchase inspection is essential for every home purchase – whether it’s your new home or an investment property. If you’re about to sign on the dotted line for your dream home, stop and think: “How can I be sure the property I’m buying is in good shape?”

The Importance of a Pre-Purchase Inspections

If you’re about to sign on the dotted line for your dream home, stop and think: “How can I be sure the property I’m buying is in good shape?”

A pre-purchase property inspection could save you thousands of dollars in the long run. Not only will it help identify any serious problems with your new property purchase, it can be a valuable bargaining tool for driving down the asking price.

An inspection will reveal any significant building problems or hazards, and help you decide if the property is really what you are looking for after all.

The person who inspects the property – typically a licensed builder – will check the condition of the interior, roof and roof space as well as the under-floor space of the home you intend to purchase. They’ll then provide a detailed summary, usually in a checklist format, once they have completed their report.

The price of a pre-purchase inspection depends on the property and the time taken to make the evaluation but as a rule of thumb the cost for a standard report on a typical residential property is usually around the $500 mark.

Just remember, you’ll need the vendor’s permission to have the property inspected – so be sure to give plenty of notice.

Noticeable Exemptions

A property inspection could mean all the difference between a good or bad investment, however there are some things that it may not cover – so ensure you’re aware of the scope of the inspection before you give the green light to commence.

Some exemptions may include:

  • Footings
  • Concealed damp-proofing
  • Electrical wiring
  • Plumbing
  • Drainage
  • Watering systems
  • Gas fittings
  • Fireplaces or chimneys
  • Television reception