Responsible and loyal tenants are the lifeblood of property investment. If you can’t attract and retain them your investment strategy goes out the window. While the team at Rentwest takes care of all the details, there are a few things that property owners can do to help.
Know your rights
In Western Australia, the rights and responsibilities of the landlord and tenant are explicitly laid out in the Residential Tenancy Act. If you’re currently renting out your property it’s a good idea to have a read through this document.
A lot of emotions come into play when you’re renting out a property – especially if you’ve spent a lot of time and money getting it ready for the market, or if there are family ties to the home. If things go wrong (as they sometimes can) having a clear understanding of your obligations ensures that everything stays legal and relatively stress free.
Keep your promises
One of the best ways you can entice tenants to stay is by keeping your promises. In terms of repairs and maintenance, always be sure to do what’s needed in a timely manner. Fixing problems quickly ensures that your tenants feel valued and respected – and it’s good for your investment too.
Be clear about your expectations
At the beginning of each tenancy we go over all aspects of the lease agreement and spell out exactly what the tenant’s obligations are. We also do the same with our property owners. We go over everything and outline what you can expect. If anything is unclear make sure you ask questions. Being clear about your expectations and spelling out what’s required is a great starting point for a successful partnership.
We’ll wrap up this series next month when we discuss the importance of being professional.
(Read part one of this series here)