How A Happy Tenant Saves You Money

September 8, 2014 Sam Saggers

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Happy Tenants Save You Money

One of the last things you might have thought about when you first started investing in property is the idea that you’ll be responsible for the happiness of others. Specifically, your tenants.

Now obviously you’re not entirely responsible for their happiness – we’re all responsible for our own – but your actions as a landlord will directly impact their lives, for better or worse.

Why You Should Care

You can expect to enjoy a better retention rate, less collection problems and very likely less damages (outside of normal wear and tear) if your tenant feels like their tenancy matters to you. You can show them that you appreciate them by doing your part to ensure that you provide a comfortable, pleasant place for them to live.

There are a number of things that you can do to keep your tenant happy which will keep you and your investments in the black as well. Following are just a few:

1. Provide a nice place for your tenants to live

Everyone, no matter their economic situation, wants some place nice to live. Well tended gardens requiring a minimum of work, regular maintenance and upkeep as well as renovations from time to time as needed contribute to both your tenants’ happiness and your property’s value.

2. Promptly respond to their issues

Nobody wants to be ignored, so if you (or your property manager) fail to respond to your tenants’ needs in a timely manner they will come to feel that you care nothing for their tenancy which may lead to them not caring to remain a tenant… or worse.

3. Use quality tradespeople to attend to repairs/maintenance etc.

Save both time and money. Choose quality tradespeople who will work with you or your property manager and your tenants, to ensure that the necessary work is done quickly with a minimum of disruption to your tenants’ lives.

4. Ensure that the property has good security

Your tenants’ safety in your property should be a priority. Make sure that all locks work well, including both doors and windows. To discourage potential criminals, eliminate anything that might obscure the view of the home from the street and set up good exterior lighting to eliminate dark areas.

5. Provide adequate lighting

Studies have shown that adequate lighting can improve individuals’ moods – even helping with depression, a suggestion that seems to bear some truth as north facing properties in New South Wales are highly sought due to the available lighting.

Keep this factor in mind when selecting exterior landscaping and interior design and you just may increase your returns.

For more on this and many other topics, which are crucial to your success as a property investor, claim your FREE Positive Real Estate Membership now.

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