As a property investor in Brisbane, you want to ensure your tenants have a comfortable, secure, and happy home – especially with winter approaching. By doing so, not only will you keep your tenants satisfied, but you’ll also ensure a steady income and minimise vacancies.
Why is property investment about people?
Successful property investors understand that being involved in the Brisbane property market is not just about tax benefits or negative gearing. It’s about recognising that tenants are your customers. Happy tenants lead to longer tenancies, fewer vacancies, and a healthier bottom line!
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.
The Importance of Tenant Welfare in Property Investment
In addition to providing safe and comfortable living environments, there are several steps you can take to ensure your investment is both profitable and tenant-friendly:
1. Maintain Your Property – A Well-Maintained Property is a Winner
Promptly handling maintenance issues is essential for keeping your property in top condition. A well-maintained property not only increases its value but also improves tenant satisfaction and reduces turnover. At Position One Property, we specialise in property management across all Brisbane suburbs, ensuring your investment is well cared for.
2. Be Responsive – Communicate with Tenants
Being available to answer questions and address concerns is key to successful property management. Our experienced team of property experts knows the Brisbane property market inside and out and can assist with managing tenant relations and ensuring your tenants’ needs are met.
3. Respect Tenants’ Rights
A good property manager will respect tenants’ rights by maintaining their privacy and providing a comprehensive lease agreement outlining their responsibilities. Ensuring that your tenants feel respected and valued is key to building a positive landlord-tenant relationship.
How to Improve Your Success as an Investment Property Owner
Along with providing a safe, well-maintained home, there are several additional ways to improve your rental property’s appeal and maximise your return:
4. Offer Energy-Efficient Amenities
Incorporating energy-efficient appliances and features can make your rental property more attractive to tenants and help them save on utility bills. Consider adding energy-efficient whitegoods, such as a dishwasher, washing machine, or clothes dryer, especially in areas with a high demand for these amenities.
5. Provide Comfort and Convenience
Small improvements like sealing doors and windows, installing thermal curtains, and adding underfloor insulation can enhance tenant comfort and reduce energy costs. Though it may seem like a small investment, the benefits of a happy tenant and longer tenancies far outweigh the initial costs.
6. Embrace Pet Owners
With more than two-thirds of Australian households owning pets, having a pet-friendly policy can make your property more attractive to a larger pool of tenants. If your property allows pets, consider adding pet-friendly features like a secure yard or a pet door. 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.
7. Be Proactive in Property Management
Proactively inspecting the property and addressing any maintenance issues before they escalate can help keep your tenants happy and avoid costly repairs. Regular communication with your tenants can also ensure any concerns are addressed promptly.
8. Create a Welcoming Environment
Providing outdoor space or adding simple features like a deck or a shaded seating area can create a more enjoyable environment for tenants. A well-designed outdoor space increases tenant satisfaction and the overall appeal of your property.
15 Tips for Successful Property Investment and Effective Landlording
To help you be a great property investor and landlord, we’ve compiled a list of tips that will not only benefit your tenants but also ensure long-term success for your investment:
Keep Up With Maintenance – Ensure all necessary maintenance is carried out promptly.
Make Small Improvements – Small improvements, like sealing cracks and adding insulation, can make a big difference in tenant comfort.
Provide Energy-Efficient Amenities – Consider adding energy-efficient appliances to reduce utility costs for tenants.
Be Proactive – Regularly inspect your property and be responsive to tenants’ requests.
Establish Clear Rules and Regulations – Ensure all rules and expectations are communicated clearly from the start.
Respect Your Tenants’ Privacy – Always give proper notice before entering the property.
Embrace Pet Owners – Make your property pet-friendly to appeal to a larger pool of potential tenants.
Communicate Openly – Keep lines of communication open with your tenants.
Get to Know Your Tenants – Show genuine interest in your tenants’ wellbeing.
Follow Through on Promises – Always keep your commitments to tenants.
Be Fair – Treat all tenants equally, regardless of background or circumstances.
Be Sensitive to Their Financial Situation – Understand that many tenants face financial challenges and be flexible when possible.
Follow the Law – Stay informed about tenant laws and ensure compliance.
Be Available or Contactable – Ensure tenants can reach you when necessary.
Keep Records – Maintain detailed records of all tenant interactions.
In Summary: Provide A Great Experience For Your Tenants
By prioritising tenant satisfaction and well-being, you’ll not only retain tenants longer but also attract quality tenants for future vacancies. Remember, while it’s your investment property, it’s their home.
Need Help with Property Management in Brisbane?
At Position One Property, we offer expert property management services to ensure your investment property thrives. With years of experience in the Brisbane property market, we can help you navigate the complexities of property management while maximising your return.
Contact us today to learn how we can help you succeed as a property investor in Brisbane.