Ways to gain longer Occupancy from your tenants
Great tenants are invaluable and an asset and its beneficial to retain them for as long as possible, so we have prepared some beneficial tips to ensure a happy, secure and stress-free long-term tenancy:
Keep up to date with Maintenance
Maintaining your investment and keeping on top of repairs will help you protect the property’s capital value and allow you to attract and retain quality tenants. Delaying repairs and maintenance to save money is a false economy as you’re only likely to attract unsatisfactory tenants, have longer vacancy times between tenants, and receive lower than market rent. Most maintenance jobs can be organised quickly and putting the time in now can save an ‘odd job’ from becoming a big job later. Our experienced team of Property Managers can organise this for you. Our landlords and tenants benefit from the excellent network of suppliers we have. These are long term trusted relationships with quality tradespeople and due to the volume of work we allocate them, we can negotiate competitive pricing and often our jobs are given priority.
Setting the correct rent for your property
Setting your rental price is one of the most critical decisions you will make as an owner of an investment property. Your property manager is the best person to assist you with setting the best rental price for your property by carrying out a comprehensive rental appraisal. Considering rents can only be increased once a year, it is important to get it right the first time. There are a few factors that must be considered when setting your rental price. You must consider the condition of the property, market conditions, its features and location. If you set the rent too high, you are less likely to generate much interest, or a volume line of enquiry and it may also attract desperate tenants which can develop into a problematic tenancy. Similarly, If you set the rent too low you may attract a lower quality tenant. A great tenant will pay rent on time, keep your property in good order, and stay for longer.
Consider Allowing Pets in your rental property
Keeping an open mind about what sort of tenants you are looking for may well help you rent your property more quickly. Tenants with pets often have more trouble finding suitable rental properties and when they do secure a suitable property, they often stay longer giving a landlord more security of tenure. Keep in mind more and more quality tenants these days are looking for a ‘pet-friendly’ rental property. If a pet is negotiated in a tenancy, we can obtain a pet clause such as commercial cleaning of carpets and flea treatment
Flexibility in allowing tenants to make minor alterations
Under new legislation that came into effect on 11 February 2021, landlords are legally obligated to allow tenants to make minor changes to their rental properties. Landlords can place reasonable conditions around how the minor change is carried out.
Tenants are responsible for any costs associated with the installation and reversal of a minor change that they request. Tenants must remove the minor changes and restore the property to essentially the previous condition when the tenancy ends if the landlord does not agree to the changes remaining
Examples of minor changes are:
· visual fire alarms and doorbells
· securing furniture to baby-proof or protect against earthquake risk
· installing a baby gate
· Installing curtains and window coverings
· Installing shelving
· Installing gardens when these can be returned to the original state at the conclusion of tenancy
Ensuring your Home meets the Healthy Homes standards
From 1 July 2024, all rental properties must comply with all the Healthy Homes standard. All new or renewed tenancies must comply within 90 days of the tenancy starting.
Changes to the law can be confusing and stressful . Regulations around residential tenancies have been a real area of our focus over the last two years, ensuring you are Healthy Homes Compliant as well as ensuring you understand other areas of law such as the Privacy Act.
Ensuring your property meets all the required healthy homes regulations and complies with the Residential Tenancy Act is vital , there are heavy penalties for non-compliance
At The Rent Shop we are committed to provide quality housing to benefit both landlords and tenants. Warm, drier homes are less likely to have issues with mould or mildew damage; better protecting your investment in the long term. Tenants will be happier in a warm drier home too and in our experience, happy tenants lead to higher, more consistent income from your rental property and lower associated costs with turnover. A healthy well heated home is a big draw card for any prospective tenant.
We offer a fully comprehensive Healthy Homes Assessment as part of our property management Service from the assessment to completing the work that is required to bring it to the new standards.
Our Property Managers receive regular training on the multiple areas of law applicable for landlords and can help provide the processes and guidance to ensure you meet all of your legal obligations
How The Rent Shop can assist you
When you invest in property you take on a lot of responsibility and sometimes it may feel overwhelming, particularly with all the new legislation that has come into effect over the last few years. Our property managers are experts who can help take the stress out of managing your property.
At The Rent Shop we endeavour to provide the best possible property management experience with unmatched personal service and attention to detail. We understand residential property investment and the long-term financial benefits that owning a residential investment property can bring to you. We pride ourselves on our attention to detail and ensuring that all our tenants are caring for the properties they are renting. It is this pride of ownership that represents the difference between property managers who merely collect the rent and professionals who manage every aspect of your investment.
The policies and procedures we have implemented are designed to minimise the stress that may be associated with owning an investment property whilst maximising the long-term financial benefits.
Whilst we believe good property management can potentially identify many problems before they arise, both tenants and landlords know that we take immediate action to rectify any discrepancies.
We will always maintain an open and honest relationship with both you and your tenant, through regular communication and frequent updates.
Taking care and supervising your rental property is the most important function we perform. All of this will ensure a long-lasting relationship with your tenants and long-term tenure.
If you want to find out more about how our team of Property Managers can assist you with your investment you or require an obligation free rental appraisal, please contact our Business Development Manager Sandra Dodson on 09 555-9100