As the owner of a rental property investment portfolio, you want to make life easier for your tenants – especially with winter coming. You want them to feel secure, comfortable, and happy in their home. You also want to make sure they’re getting the best possible value for their money.
Why? Because Property Investment is About People
Because astute owners of rental investment property can see the considerable benefits in doing so. The property investors who do best know that being involved in property investment Brisbane, Greater Brisbane, or anywhere else, is a business. And tenants are our customers. It’s not just about negative gearing and tax benefits. Having happy tenants equals fewer vacancies equals happy bank account!
Rental accommodation is about the people
However, it’s also about caring. Not to mention the fact that, as per the UN Office of the High Commissioner for Human Rights (OHCHR), the right to adequate housing is considered a basic human right.
Tenants Matter for Successful Investing in the Brisbane Property Market
You can do a number of things to make investing in property successful, besides providing a safe and comfortable living environment for tenants.
Maintenance – well maintained properties are a winner
You can for instance ensure all maintenance issues are handled promptly. Position One Property are property management specialists across all Brisbane suburbs, and we can help our property investment owners with this.
responsive property management
It’s especially important to be available to answer questions for your tenants. Each of our experienced Team are a property expert in the Brisbane property market, so can also assist in this area.
rental property and rental laws
You can also ensure your tenants’ rights are well respected. This includes respecting their privacy, and providing them with a comprehensive lease agreement that outlines their rights and responsibilities.
Improve Your Success in the Investment Property Market by Keeping Your Tenants’ Welfare In Mind
Additionally, you can offer a range of amenities in your investment property, although the suitability of some of these suggestions will depend on the particular property.
affordable property for those with low cash flow
Whitegoods, such as a dishwasher, washing machine and clothes dryer, and refrigerator can be very helpful in certain segments of the brisbane market. People who do not have their own household items, either due to financial circumstances or style of work (e.g. FIFO – Fly In Fly Out) may be your high demand market for this style of accommodation.
Be sure to know your property markets and likely rental demographic before making decisions on investing in more affordable property for lower income earners. Again, Position One Property can provide you with information on the Brisbane suburbs where, say, detached houses are in demand, and which suburbs in brisbane are the best suburbs for providing affordable property options.
Successful investment takes planning.
Rental yield and maintenance
You can take steps to ensure your properties are comfortable for tenants by attending to minor maintenance issues such as making sure doors and windows are well-sealed, installing thermally efficient curtains, sealing off gaps in wooden flooring and so on.
It’s tempting to skimp and save on expenditure to maximise income and minimize outgoings, but this is what’s known as a ‘false economy’! You’ll gain far more benefit from a happy tenant who chooses to stay on (thus minimising vacancy and keeping your cash flow going) than frustrating them by being lax about looking after the property.
investment properties are homes
Pet-friendly policies are now in place (Read More Here) and facilities (such as fenced properties) are another attractive inducement for tenants.
Did you know that more than two-thirds of Australian households now own a pet? (https://animalmedicinesaustralia.org.au/media-release/more-than-two-thirds-of-australian-households-now-own-a-pet/) and most of those owners generally report that their pets have a positive impact on their wellbeing.
So, if you don’t already, be sure to make your rental in the Brisbane property market pet friendly. Pet friendly rentals are always in high demand. We can advise you how this works – and protects both you as the investor and your tenants.
With all that in mind, we’ve compiled a list of tips we hope will help you be a great landlord AND a successful property investor.
15 Tips To Help You Be The Best Investment Property Owner and Landlord For Your Tenants
And still be a successful property investment owner!
Tip #1: Keep Up With Maintenance
Make sure to keep up with all necessary maintenance tasks. This will help keep your rental property in good condition, make it more appealing to potential tenants, and keep current tenants comfortable.
Tip #2: Make Small Improvements
Make small improvements with your tenant’s comfort (and energy efficiency) in mind: There are many small things you can do around your rental investment property to improve the comfort of your tenants. Consider making small improvements like:
· Sealing around doors and windows
· Sealing off cracks and gaps in wooden flooring
· Installing underfloor insulation if feasible
· Installing thermally efficient curtains
Tip #3: Provide Energy Efficient Amenities
Provide extra amenities which are energy efficient where possible. Offer amenities such as a washer and dryer or off-street parking to make life easier for your tenants.
Tip #4: Be Proactive
As an investment property owner and a landlord, it’s important to be proactive when it comes to your tenants’ needs. Make sure you inspect the rental property regularly and respond promptly to any maintenance requests. Also, be proactive in terms of communication. Talk to your tenants often to get to know them and understand their needs.
Tip #5: Establish Clear Rules and Regulations
Establish clear rules and regulations from the outset and make sure your tenants understand them. The Residential Tenancies Authority (RTA) is your reference here. This will ensure that everyone is on the same page and expectations are clear from and to both parties.
Tip #6: Respect Your Tenants’ Privacy
Respect your tenants’ privacy and don’t enter their rental without their permission or notice. Remember, it’s their home – and it’s against the law.
Tip #7: Embrace Pet Owners
With over two-thirds of Australians owning at least one pet, being a landlord means pets and tenants go hand in hand. Consider whether there are any modifications or additions you can make to the property to make it more appealing to tenants with pets.
Tip #8: Communicate Openly
Make sure to communicate openly and clearly with your tenants. Respect is deserved and necessary on both sides. This will help build trust and foster a positive relationship.
Tip #9: Get to Know Your Tenants
If the situation allows, show genuine interest in and concern for your tenants and their wellbeing. This will your best chance to foster a positive relationship.
Tip #10: Follow Through on Promises
If you make a promise to your tenants, make sure you follow through on it. This will help build trust and show them that you are reliable and dependable.
Tip #11: Be Fair
Make sure you are fair when dealing with your tenants. Treat them the same regardless of their background, race, financial circumstances or any other factor.
Tip #12: Be Sensitive To Their Financial Situation
Many people are still going through tough times and are finding it hard to make ends meet financially. The Brisbane property market is currently such that the median house price has increased and rising interest rates (at time of writing) has put pressure on many families and individuals. Be aware of this, and sensitive to ways you can make things easier (or at least not more difficult) for your tenants.
Tip #13: Follow the Law
Make sure you follow all applicable laws and regulations. This will help protect both you and your tenants.
Tip #14: Be Available or Contactable
Make sure you are available to your tenants when they need you. Be responsive to their questions and concerns.
If this is not a situation you can provide, or one you feel would be inconvenient or frustrating, engage professional property managers. Remember, investing in property is a business and management costs to you will most likely be tax deductible. Consult your property-wise accountant to check details.
Tip #15: Keep Records
Keep detailed records of all your interactions with your tenants. This will help ensure that you are following all the necessary rules and regulations. Again, if you engage professional property managers, you will have little to do in this area.
In Summary: Provide A Great Experience For Your Tenants
Taking the time to ensure your tenants have a great experience living in your rental investment property will not only help you retain them longer, but also attract new tenants in the future.
Always remember, it may be your investment property but it is their home.
Expert Property Management
Need a good property manager in Brisbane to help you be a successful property investor? Call us at Position One Property.
We have many years of experience in Brisbane property investment so we know the rules, have the experience, can assist, and are here to help.