• First impressions are critical when a prospective tenant inspects your property. First, decide what sort of tenant you are targeting. There are tenants who want to save money and are happy to live in a property that is not in first class condition. There are others, such as professional people, who are happy to pay top rent, but expect the property to present at its absolute best. There is no doubt that well presented properties achieve top rents and usually attract the best quality tenants. That adds up to a higher investment return, together with fewer and shorter vacancy periods.
• Well presented and well maintained properties attract better quality tenants, and tenants that are more likely to stay longer at the property, keeping your vacancy rate lower over a number of years.
• Landlords are advised against trying to squeeze every last dollar of rental income from their tenants, even when interest rates are rising. If you increase rents too much you will more than likely end up with no tenant. Vacancy can be vastly more expensive than taking a little less in rent. Excessive rents can scare off good tenants, there may be a reason why some people are willing to pay above the market rate, they may have been poor tenants in the past.
• Regular rent reviews are more likely to keep a tenant, rather than larger increases less frequently. A tenant will no likely look to move if they have been issued a small rent increase, however, if issued a larger one, will consider relocating.
• Attending to Repairs in a prompt professional manner will keep a tenant happy, in return they will treat the property better as if it were their own.
• Take out comprehensive landlord insurance cover including public liability, you don’t want to be sued by anyone who injures themselves at the property. Ensure that all the electrical wiring and power points are safe. This also includes any electrical appliances.
• The relationship between landlord and tenant should be kept at arm’s length, too close a relationship can lead to difficulties down the track, especially in situations where the parties have a falling out.
• People who don’t have the time or the knowledge can get burned if they try to be their own property manager. Many landlords simply don’t have the time to respond to maintenance requests, keep track of where the tenants are paid to or conduct regular inspections. While is can be tempting to save a small percentage of rental income by self-managing your property, the benefits of appointing a quality property manager can far outweigh the cost.

Should you have any queries about any tenancy related issue please contact one of our experienced staff on 02 9976 7777 or via email: rentals@rwfm.com.au