Here’s the ideal scenario – long-term tenants, rent paid on time, property cared for and property maintained.

Keeping tenants happy is the key to a great investment property. Cutting corners with tenant management will make them feel uncared for and very often, the knock-on is they won’t care about you or your property.

By looking after your tenants, you will not only have an easier life, but in the long-run, your property will be treated well, maintenance will be a minimum, and its value will increase.

Here are five top tips to keeping tenants happy:

1. Create a home

Before your tenant moves in, make sure the place is homely, welcoming and well maintained. Give it a fresh coat of paint, have the carpets cleaned and do little maintenance jobs, like oil creaky cupboards and repair loose fittings. All these little jobs are usually tax-deductible anyway.

By offering a well-presented property, the chances are you’ll not only attract good tenants, but they’ll want to keep it that way too.

2. Draw up a proper tenancy contract

A tenancy done on a nod and a handshake will result in misunderstandings on both sides. It is imperative you draw up a proper property tenancy contract – your property manager can do this. In this contract you outline what you expect of your tenant – and what you tenant can expect of you. Any queries about the contract can be dealt with then, and any amends can be made. By you both signing the contract, you are both agreeing to the terms.

3. Respect your tenant’s rights

While you will have set inspection times outlined in the contract to ensure the property is properly been looked after, it’s important you don’t go round on other occasions without giving the appropriate notice as outlined in the contract and for a valid reason.

4. Attend to maintenance and complaints promptly

While you might be prepared to live without hot water for several weeks, your tenant probably won’t be. If something goes wrong, like a boiler or a cooker, or something needs repairing in your property act, on in quickly. Remember tenants are paying you money for a fully-working property. If some repairs are going to be lengthy, keep your tenant informed of what’s going on and when they can expect the matter to be fixed.

That way, the tenant knows you are onto the issue and are looking to resolve it as soon as possible.

If you delay repairs or acting on any other issues, it destroys trust you may have with the tenant that you’re a good landlord – and at worst you may expose yourself to legal actions.

5. Keep on top of legalities

Adherence to the law, particularly when it comes to health and safety of the property and handling disputes is imperative. Tenants are usually very aware of their rights. You also need to be sure any contractors on the property are acting within the law too.

A good property manager knows the law, will only use reputable contractors and will keep you informed of any legal changes that affect you or your tenant. This gives you peace of mind your property is legal and you’re always acting with the law.

If you would like to know more about your legal obligations as a landlord, property management in general or the benefits of our property management services, our knowledgeable and experienced team would love to help.

With over 40 years of business in the area, we are one of Newcastle’s longest established real estate offices, so give us a call on 02 4956 9777 or pop into our office for a chat.