How to hold on to good tenants
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.
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