Property is one of the most rewarding investments you can make if you are looking for a reliable and passive income. However, managing investment properties can be frustrating if you don't have the right people on your side.
Being an influential property investor is not just about securing a property for the right price. It involves tenant management, project management of building upkeep, and constant analysis of the local market.
As the housing market grows, the need to develop a stable, long-term relationship with your tenants increases. A common mistake by property investors is the thinking that they don't need much involvement with their tenants or that the only factor of importance is whether they have high-paying jobs and a good credit score. This is not always the case.
Tenants are connected and expect excellent service
A good tenant can mean the difference between a property investment that consistently produces high returns and one that delivers low returns – but how can this be the case?
A tenant paying their rent on time and in total is ideal. But what is often overlooked is the increased savings from having a tenant who treats your investment property respectfully, as if it is their own home.
For example, a good tenant may not request minor property maintenance issues to be fixed in the garden but will notify you if they notice minor defects before the problem becomes a much larger issue (and, therefore, more costly to resolve).
So, how do you find these tenants that care about your investment property as much as you do, and how do you keep them?
The easiest way is to put yourself in the shoes of someone looking for somewhere to live. Searching for properties is a considerable effort and commitment for most people. So, after scouring the rental market for months to find a property in the right location with enough bedrooms, bathrooms, and a renovated kitchen, they will want to know that the property owner will look after them.
This is why engaging Rock as your third-party property management expert can protect your investment and increase the return on investment. Communicating with tenants is our bread and butter. We know what they will expect and have the time to meet their needs. We understand that engaging with tenants can be
A time-consuming process, but it is vital. Essentially, the more successful your relationship is with a tenant, the safer your investment will be.
Adding value in the right places
If you've ever worked in the service industry, you'll know every customer has different needs. That makes the property sector so vibrant, especially in Tasmania. If a tenant is unhappy with a homeowners' service, alternatives may be just a click away.
Think of your property as a hotel. As the owner, meeting a customer's needs is the most crucial measure of your success at receiving consistent returns. Be brutally honest and consider whether you have the time and resources to provide this service. Is it a productive use of your time to ensure every customer's need is met with excellent service? Are you adding consistent value to your investment by servicing customer needs?
Adding value in the right places can mean taking the time to make small gestures for tenants that will keep them feeling looked after.
Let's start a conversation about how the team at Rock Property can help you remove the worry and get the most out of your investment property!