HOW TO ATTRACT AND KEEP GOOD TENANTS

The key to successful long-term prosperity investment lies in finding and keeping good quality tenants. If you've decided to save the expense of a property manager, following these five basic principles should put you on the right track to keeping good tenants.

1.   Ask a fair rental

Don't charge too much for rental otherwise you'll have less prospective tenants. Find out the going rate for rentals by looking at similar properties in your area.

2.   Promotion

Promote your rental property with good marketing and at areas where your prospective renter will be. Make sure your property sounds attractive without overdoing it and include its key benefits. These would include proximity to public transport, parking availability and security.

3.   Check references

Talk to the prospective renter's previous landlords for their endorsement and ask questions like whether they paid their rent on time, if the property was kept in good order or whether there were any complaints from neighbours.

4.   Perfect presentation

First impressions are everything. That means a clean, tidy and fully functioning property. Check for any faults and make sure all appliances are in working condition. Make sure you're looking the part also. Remember, as a landlord you're effectively running your own business, and your tenants are your clients so follow these principles and it should help you in keeping good tenants.

5.   Show the love

Once you decide on the tenant, make sure they never want to leave. Fix problems as soon as they occur, listen to reasonable requests, and never turn up unannounced will really help you in keeping good tenants.