The difference between a good landlord and a great one
There are so many factors involved with being a successful property investor, purchasing the right type of property, in the right area and at the right price; you can get all these factors right, but if you haven’t got the landlord aspect right, it’s never going to work.
There are rules and regulations in place to protect both the landlord and the tenant, and a good landlord will adhere to all of these.
A great landlord however, is mindful that their asset is the tenant’s home, and while they won’t be taken advantage of, a great landlord will put a little bit more of effort in to ensure the tenant is happy; after all, the tenant is paying down the loan/giving you an income, and is caring for your asset.
Let’s turn the situation on its head, if you were the tenant renting your property, what would you expect from your landlord, and what would make you think ‘wow, my landlord is great’?
Here are some of our thoughts of what makes the difference between a good landlord and a great one.
Regular maintenance
The upkeep of your property is an essential part of property ownership; by keeping on top of the general wear and tear, and preventing small issues from becoming large ones, regular maintenance ensures your property keeps its value.
But for the tenant, keeping on top of maintenance show you respect their home and you take pride in the property, and your actions will encourage them to take extra care of it too.
A good landlord attends to the matters in a timely way, but a great one will attend to them immediately. Furthermore, if there is a delay in the repair, the landlord will ensure their tenant is aware of any delays and the reasons behind them.
Upgrading the property without being prompted by the tenant – such as replacing worn flooring or acting on small non-essential maintenance issues picked up at an inspection – will help elevate you to ‘great landlord’ status.
Open communication channels
Good communication with your tenants will contribute towards a long, successful relationship with your tenants. And it does take a little bit of thought and time.
Whether it’s email or phone number, make sure you’ve given your tenant the ‘best way to contact’ details. No-one expects an immediate response to a query, but we do expect a timely response. If the answer to a query can’t be immediately be given, great landlords will acknowledge the query and indicate when the tenant will get a proper response to the query.
Great Property Managers and private landlords liaise with tenants when scheduling any upcoming works at the property and the proper notice for any access requirements will be given.
As well as being polite, good and appropriate communication will make the tenants feel valued, and we all know how nice it feels to be appreciated and valued!
Feedback from our online tenants’ portal is extremely positive. As well as being and quick and efficient way for them to reach out to us, they can also see their statements, create new maintenance requests, get reminded about inspections, access receipts, rental information and lots more.
Other stakeholders
It’s not just the relationship a landlord has with their tenants, or how they treat them, it’s also about building relationships with other stakeholders in the property, such as strata corporations and tradespeople doing maintenance.
Strata should be notified you are renting the property, and there should be open and easy communications with the body corporate if any situations arise.
While a good landlord will only use quality tradesman, a great landlord will also make sure they are properly briefed on the job and paid on time!
A fair and flexible attitude
If appliances, fixtures or fittings need replacing, great landlords often involve the tenants with the decision-making process – after all, it’s the tenant who will be living with it.
Great landlords are also fair and flexible according to the situation. For instance, they will liaise to find mutually convenient dates for inspections, rather than dictate the date, and when appropriate will show compassion for a one-off late rent, such as if a tenant is hospitalised, or has a tragedy in the family.
We find working with a tenant when they are in crisis usually results in a far better outcome than coming down hard.
In the same breath, we never allow our landlords to be taken advantage of, and if a request doesn’t seem fair to us, we make it clear to the tenant why the demand isn’t being met with appropriate communications.
Capitalise on experience
Great landlords capitalise on someone else’s experience and knowledge; having been managing property for nearly 50 years, as well as saving you time and stress which can sometimes go with property management, our team instantly adds value delivering excellent customer service for tenants, we have a team of quality tradespeople to call on for regular maintenance and emergency situations, and give you with hints, tips and professional advice.
Our team is always available to attend to requests when they come in, and with our regular inspections, we quickly pick up on any maintenance or repairs, and ensure they are completed cost effectively and in a timely manner; in doing so, we are keeping your property in the best condition it can be.
Plus, we know the law; this means your property will be adhering to the latest legislation, and communications with tenants will be appropriate to the situation.
Our rental return is kept in line with the current market, and we find quickly find new quality tenants to avoid a vacant property.
Our motto is very simple – we treat every property as if it’s one of our own.
With many of our team having investment properties themselves, we always go the extra mile.
Furthermore more, our online landlord’s portal gives you all the information, financial and otherwise at your fingertips, and any property management fees are usually considered tax deductible.
Get in touch with us now, and we’ll show you how our property management services can not only make your life easier, but give you the ‘wow, my landlord is great’ status!
Drop into the Cardiff office or give us a call on 02 4956 9777. Or send us an email at mail@newcastlepropertymanagement.com.au – we’ve helped many people realise their financial dreams through property and we’re keen to help you.
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