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How to hold on to good tenants

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Lisa Indge, How to hold on to good tenants

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Keeping good tenants is a really important part of being an investor and I think that it's a two way street. You should never keep the rent below market, or well below market, or not increase the rent simply because you like the tenant or they have been a good tenant. It's important to set the ground rules and communicate with your tenant clearly about what the future prospects are. So if the lease is expiring, say in two months time, ask the tenant at that stage if they would like to sign a new lease so that you're preparing for the next period. It gives them surety and you too. And I think this gives you an open conversation with the tenant about whether or not they will stay on or move on.

 

Listen to other instalments of The Smart Property Investment Show:
Episode 66: Wealth distribution: how should you manage your money?
Episode 65: Real estate agents: what separates the good from the bad?
Episode 64: How this investor learned from a property blunder
Episode 63: Q&A session: the SPI team answers your questions
Episode 62: Property procrastination: the importance of finding help
Episode 61: The ins and outs of strata: what buyers should consider
Episode 60: The pros of using a buyer's agent: why this investor brought someone in
Episode 59: How to invest in property as a team: two investors share their secrets
Episode 58: When do you stop investing? The SPI Show answers more listener questions
Episode 57: Wealth creation through property: trends and themes to think about in 2017
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