Keeping a good tenant who treats your property like it’s their own and stays long term. That’s the holy grail of investment property ownership. And in fact, it’s what most great tenants want too. Stability and a place that feels like home. So how do you create this win-win situation? How do you keep good tenants? Most property managers will give you a stock standard list of things to do and yes, these things definitely help (I’ll tell you about them later). But often, there’s one key ingredient missing. And it’s really simple.
Two tenant stories. One simple thing. Win-win.
Tenant Story 1: *Rob
COVID-19 hit and *Rob, like so many, lost his job. He had no family support and finding a new job quickly was a real struggle. Up until this point *Rob had been the best tenant. Always paid his rent on time and took great care of the owner’s property. This was his home and he was worried he’d lose it. He came into my office weekly to let me know how he was going. I always made sure I was available to lend a supportive ear. But that wasn’t enough. It was clear the stress was getting to him and I noticed he’d started to lose weight. *Rob needed more than someone to just listen to him. He needed tangible help. So I connected him with local community services and worked with the property owner to find a solution that worked for them, and for *Rob. He got support to pay his bills and started to pick up work. Over time, *Rob got back on top of his rent and started to look and feel like himself again.
Tenant Story 2: *Suzanne
*Suzanne is a long term tenant of mine. Like Rob, she’d also lost her job. She’d been with the company for 10 years and this was a huge blow for her. Stress and worry kicked in. She’d been at the same place for so long. How would she find another job? Were her skills even relevant? And of course, how was she going to support her family and pay her rent? The first thing I did was reassure *Suzanne that in fact, she had a lot to offer. Then it was on to the practical steps. The stuff that needed to be done to show prospective employers that she’d be a great hire. It’d been years since *Suzanne had written a resume. So we sat down together one afternoon and wrote it together. With a brand new resume and an extra boost of confidence, it didn’t take long for *Suzanne to find a new job and get back on track. Five years later, she’s still at the same job and still taking perfect care of the home my team and I manage.
*Names have been changed for privacy reasons.
Treat your tenants like people, not a pay check.
The moral of the story? Your good tenants are real people, just like you. Life happens and when it does, the best outcomes are achieved when they’re supported. Helped. Cared for. Yes, it takes more time and effort. But when you’ve got an expert property manager on board who cares enough to go above and beyond to provide extraordinary support to your tenants, it’s win-win. You retain the best tenants. They continue to look after your property likes it’s their own home. No need to constantly fix issues and damage. No need to regularly find new tenants to fill your vacant property. You save time, money, stress and worry. And great tenants are supported to maintain a safe, secure, stable home that feels like it’s their own.
The stock standard stuff
Now, I haven’t forgotten about that stock standard stuff. Of course, that’s important too. So here it is in a nutshell.
- Encourage a longer lease: This can be done at lease renewal but it’s even better if you can be confident to do this from the start. So ensure you ask prospective tenants about their goals and plans. This will give you an idea of how long they intend to stay. Of course, you only want to do this if you’ve asked all the right screening questions, have done a background check and are confident the tenants will take care of your property.
- Be proactive with renewals: Get in contact with your tenants at least 90 days prior to the end of lease. Make sure everything that needs to be organised for a seamless renewal process is done well in advance. That way, you’ll avoid hiccups. And if your great tenants have decided to move on, you’ll know early enough to be able to start the search for your next tenants.
- Stay on top of maintenance: When there’s a problem, fix it. Quickly. Make sure you’ve got reliable trades on board. Better yet, don’t wait until there’s a problem. Make sure potential maintenance is flagged through regular property inspections.
Keep good tenants. Save yourself time, money, stress and worry.
If you do the stock standard stuff and go above and beyond to provide next level support, you’ll keep your great tenants. Sounds like a lot of work? It is. When you do it alone. But of course, you don’t have to. If you’re committed to making sure you keep good tenants for the long term, get yourself a property manager. One who can not only find you great tenants, but who also cares enough to treat your tenants with compassion and respect. One who goes above and beyond to take care of every last detail. So issues are resolved before they become major problems. So you keep your great tenants for as long as possible.
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About Kelly Walsham
Owner & Principle Property Manager
Sunset Heights Property Management & Sales
Kelly does things differently. Combining over five years of exceptional results in Queensland real estate with a former life in social services and a psychology degree, Kelly puts people first. Her service focussed approach ensures issues are resolved before they become problems, tenants are happy and owners maximise investment return.
