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Finding and keeping good tenants

30 NOV 1999 • By Phillip Tarrant • 2 min read • Investor Strategy

Attracting and retaining the right tenant for your investment property should be one of your most important objectives.

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Rental vacancies are low but that doesn’t mean property owners can relax when it comes to choosing tenants.

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Good tenants are still the key when it comes to maximising the return on your property investment. Consider the following recommendations when looking to attract and retain the right people for your property. 1. Be fair: Rental prices have sky-rocketed around the country but that doesn’t mean you should jack up the rental on your property. Use the average price of rental properties in your area as a guide: if you go too high you’ll limit the number of applications you receive.

2. Think about how you advertise your property: Focus on the best features of your investment property and don’t forget to include the attractions that are close by, for example shops, schools, pubs, restaurants and public transport.

 
 

3. Check references: Ask all applicants to provide a reference from their previous landlord and give them a call. You’ll need to ask questions about the condition of the property on the tenant’s departure, whether or not they paid rent on time and if there were ever complaints from the neighbours.

4. Make your property pristine: When applicants are inspecting your property it’s essential that it’s in tiptop order if you’re hoping to attract the best tenants. Fix all problems and make sure the property is clean and gardens are neat and tidy. Splashing out on a fresh coat of paint is well worth the effort.

5. Be a good communicator: If your chosen tenants are keeping the property in good order and are meeting all their repayments on time they’re well worth hanging on to. To make sure your tenants stay satisfied, keep on top of any repairs that need to be made, investigate any requests and give your tenants plenty of notice if you are going to call around or make an inspection.

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Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is executive editor – Real Estate at Momentum Media. He is also an investor with a large property portfolio.

He leads the content strategy and corporate growth for a range of market and business intelligence platforms at Momentum Media, including Smart Property Investment – the authoritative voice for Australia’s property investment community.

As head of the Smart Property Investment Podcast Network, he also steers the largest network of property podcasts in Australia, which collectively generates nearly 2 million downloads every year.

There are over 2.6 million investment properties in Australia, with over 2.1 million Australians (or around 8 per cent of all Australians) owning one or more investment properties. A vibrant and critical sector for creating wealth for Australians, the property investment sector is expected to remain a pillar to the national economy.

For nearing a decade, under Phillip’s stewardship Smart Property Investment has been informing and educating property investors on the tactics and strategies to create wealth through property.

Trusted by over 100,000 Australians each month as the turn-to independent resource for property market insights and information, the brand supports the mantra of "for investors", by investors’, drawing on the unique position that Phillip and Smart Property Investment share, warts and all, its own journey through property.

The Smart Property Investment Show, part of the Smart Property Investment Podcast Network, is one of Australia’s most popular podcasts, forming the keystone of an integrated digital platform delivering daily property updates, live broadcasting, insights, opinion and data to property investors across the nation.

Underpinned by a content team universally recognised for their knowledge of the sector and approach for clear and concise communication, Smart Property Investment has become a central part of Australia’s property community.

About Momentum Media

Momentum Media is a leading media and market intelligence company, and the business behind Smart Property Investment, REB and RPM.

Guided by a strong sense of purpose to support our communities, Momentum Media has forged its place as one of Australia’s most influential media and professional development businesses.

We have been equipping Australia’s corporate, investor and SME sectors with market and business intelligence for over a decade.

Across an integrated business supported by digital, events, broadcast, research, print and social platforms, we are guided by the purpose: Be Better informed.

This passion for informing, educating and inspiring drives us to build more engaged communities, delivering greater leadership to the markets we connect to and forging closer relationships with our audiences.

Being at the forefront of media innovation, backed by a pioneering spirit, has been central to Momentum Media’s growth.

We’re an evolving, forward-thinking business based on a purpose that supports corporate Australia and the markets critical to our nation’s economic prosperity and security. We’re also focused on delivering exceptional value to our commercial partners.

We adapt on a daily basis to rapidly changing market places; we’re a fluid media business, unanchored to any particular technology, channel or tone of communication.

With a reach spanning nearly 2 million professionals, high-net-worth individuals and SME business owners, we’re connected to the rapidly changing preferences and attitudes of our communities – and we’re making a positive contribution for our communities to thrive.

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