Property management will always have its peculiar nuances that could affect how each real property asset is being managed and maintained.
As the global economy has started to pick up from the impacts of the pandemic, rental prices have started to increase across the globe with landlords or property investors facing challenges in striking a good balance between keeping good tenants and ensuring a steady flow of income.
For real estate agents, providing sound and practical market insights to clients is a good way to add value to your service for those who may be weighing their options and finding ways to protect their investment interests.
Industry experts advise that property managers and landlords need to strongly consider holding on to good tenants as it can provide amazing benefits that could cushion the impacts of either a shortage or increased rental rates.
Here are three good benefits in keeping good tenants and how real estate agents may be able to provide such advice to their clients who are into property investment.
They will ensure proper care of the rental property
It’s not a surprise for a good tenant to care for the rented property as if it was their own. They care for it and will not allow any damage to be done while keeping the property well maintained and neat.
Property management experts would agree that this level of care could help a lot in saving expenses for repairs and maintenance.
Reduced to no vacancy periods
A vacancy period can be a nightmare for landlords because the property stands to lose money as it continues to rack up maintenance costs and overhead when there is no tenancy.
As a protective measure, landlords must be flexible enough to discuss terms that could be beneficial to all parties concerned and minimise losses in the long term.
Set aside time to plan and discuss this with your good tenant so that they can be inspired to stay. Just like landlords dreading an impending vacancy period, tenants equally dread the inconvenience and uncertainty of scouting for a new place to rent.
Eliminate costs for re-leasing
Other than the loss of income, property managers know too well the costs associated with re-leasing a rental property such as marketing expenses, promotional tools, and letting fees that could amount to hundreds of dollars.
Surveys have shown that while rental rates are increasing, tenant expectations are also on the rise such as additional features and amenities.
These preferences may range from air-conditioning, household appliances such as dishwashers, laundry devices, wifi, etc.
This could likely happen with new and prospective tenants, which could cause landlords or property owners to incur additional costs to provide for these. But with an existing tenant, expect to maintain a status quo and avoid incurring these costs.