How to be a good landlord

With the population of renters shifting away from the traditional younger generations to include families and older demographics, it is more important than ever for landlords to get things right from the start.

With both landlords and renters acting in the best interests of each other, Australia can begin to accommodate a new attitude towards renting where for those who can’t or don’t want to buy a home, renting remains a positive aspect of their lives.

Being a good landlord means being a good business owner

Being a good business owner takes significant time, empathy and initiative; the attitude of investing in a home and watching the rent come in is a fossilised one that only brings trouble for you as a landlord.

If you view your tenants as your customers and your property as your service and product, then your approach will change to the benefit of both you and the tenant.

Use a third party to eliminate risks

It is hard to separate yourself emotionally from your investment property, which is why it is valuable to use an agency to act as a barrier between you and your tenant.

Consider them an asset in your business, as they find tenants so that you don’t have to, manage the property so that you don’t lose time and money on these aspects of management, and also develop relationships with your tenants and yourself.

Provide proactive management

Don’t wait for complaints to come in; conduct regular inspections as well as regular surveys for your tenants, so that you can find out whether there are any issues in the home or aspects of the home that could be improved.

While the repairs are necessary and should be carried out as quickly as you can, any suggestions made by tenants to improve the home should be acknowledged as well.

Finding long term tenants helps you as a landlord

Long term tenants often have a good relationship with their landlord, even if they also use an agency to communicate repairs, fees etc.

A long-term tenant will become invested in the state of your home as they will not have a short-term view of the property.

Stay on top of the market

When running a business of any kind, it is important to know about the state of your industry, what customers want and what your competition is doing.

Similarly, when owning an investment property, it is important to stay aware of fluctuations in the market to accurately gauge whether you need to increase rent to make sure you can afford to run your investment efficiently.