podcast

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 52: Will property prices fall? When? And by how much? What investors need to know
Episode 51: SPECIAL EPISODE: SPI team reveals all the financial details of its portfolio
Episode 50: 8 properties by 25: Former housing commission kid reveals how he changed his life and created wealth
Episode 49: How to build a sophisticated multi-property portfolio
Episode 48: ‘From just $2,000 in my pocket to 6 properties’
Episode 47: The SPI Show answers more listener questions: Special episode
Episode 46: 4 properties by 24 – how to build a portfolio without sacrificing fun, travel or food
Episode 45: Special guest Mark Bouris on what really makes property prices rise and when to invest
Episode 44: ‘11 properties by 31, now I’m stuck: What’s next?’
Episode 43: 22 properties by 30: Can Generation Ys build massive portfolios?
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