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Communication is the key to encouraging long term tenancies
Encouraging long term tenancies at market rents is generally the goal for most investors and creating an environment where tenants feel listened to is the key to achieving this. Many landlords and property managers will agree that tenants don’t usually leave because of the big problems, like an unexpected roof leak or a burst hot water cylinder. They often leave when they are frustrated with little response to their feedback or requests from a combination of smaller issues. Sometimes it can be difficult to navigate the various tenant requests and decide which requests require action, are beneficial and economically viable. Some requests may no doubt benefit the tenants, but not necessarily your long term plans to improve or develop your property. Having an emotional attachment to your tenant certainly doesn’t make this easier and a balanced approach is required to ensure a successful outcome. An experienced property manager will assist with this process and having a long term maintenance plan will ensure you progress in the right direction. Efficient insulation and good security are often the two most important issues to address if your goal is long term tenancies. Tenants can provide valuable feedback which can help ensure you focus your resources in the right areas. Reducing dampness and moisture should be a priority as this is often one of the most frustrating issues for tenants, as is the need to feel safe and secure. Quality window coverings is another improvement that tenants often request and improving this aspect of your property will also improve insulation and security. Reducing the problems associated with these concerns will help promote good relationships and long term tenancies as well as create a healthy living environment for your tenants. If you ignore certain requests and tenants leave as a result, it is likely that the next tenants will provide similar feedback. Complaints about rodents should also be taken seriously and a problem shared can be a problem solved. Tenants and landlords should work together to solve these problems. Drainage and section maintenance are other issues that many landlords overlook despite a lot of tenant feedback. Overgrown and unkept trees can block out sunlight and cause blocked spoutings and downpipes which can cause flooding and additional moisture. Downpipes that are not plumbed into storm water or soak pits can cause pooling water, as can cracks and holes in the spouting and pipes. Unnecessary pooling water can cause slippery surfaces and potential hazards for your tenants. High power bills are sometimes indicative that there may be problems trapping heat or heating water. These are only a few of the most common complaints from tenants. Tenant feedback is an important part of helping you achieve your goals as long as you are smart about where you allocate your resources. Aesthetic improvements may not always be the most beneficial use of your resources if other aspects of the property require attention. What’s the point in installing a heat pump if minimal insulation and window coverings let the heat escape? So next time you want to make some improvements to your property listen to your tenants as you might learn something! Allen Realty is a 100% specialist Auckland Residential Property Management company with a growing network of local branches in Mt Eden, Auckland CBD, Greenlane and Manukau. Visit www.allenrealty.co.nz for information on our services or email simonallen@allenrealty.co.nz for more information. Or contact us today for a FREE Property Management Consultation and find out how we can structure a tailored management service to suit your requirements. You can read other recent blogs including Rodents in Your Rental Property?, Rent Arrears—What is the Process?, Negotiating Tenancies, The Tenant Selection Process, The Art of the Rent Review, Smoke Alarms in Rental Properties, A Landlord's Preparation for Winter, Reduce Moisture—Reduce Vacancies, Low Maintenance Gardens in Rental Properties and How Many Tenants on an Agreement?
Simon Allen
FAQs about Auckland Property Management
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Property is a people business. If you plan to fund a property investment by renting your property, then managing tenants is part of the process. Successful property management is about dealing with people, perceptions and emotions. Communication is the key and landlords like any other managers need to acknowledge feedback in a timely way from various parties. This can include neighbours, tradesmen, property managers, Body Corporate administrators and especially tenants.
