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Why High Renewal Rates are so Vital for Hobart Property Owners
With so many people clamouring for rental property in Hobart, property owners might be pardoned for thinking that lease renewals aren’t that important. After all, the next tenant is waiting in the wings. But as property managers, we know that there are several big advantages to having a high renewal rate. Stable tenants are an asset for a number of reasons. We’ll look at some of them in this blog post.
Lower property maintenance costs
No matter how good your old tenants have been, your property will need sprucing up before new ones move in. For example, while the exterior paint job may still look OK, it will need freshening up if you hope to attract a new tenant.
To attract people looking for a place to rent, your property must look as good or better than new, and though your tenant may be the one to pay for some of the repairs, there will certainly be at least a few that will be for your account.
No gap in occupancy
Because we’ll need to do at least some extra maintenance when your old tenant moves out, there will be a gap in occupancy. And since most tenants want to move in at the beginning of the month, your property could stand empty for a month or more to allow for maintenance.
We’re also picky about who we’ll accept as tenants. That’s the way you like it, but it also means we can’t accept the first tenant with money in their pockets and an ambition to live in Hobart. Because we have waiting lists, Hobart property owners can be reasonably sure of getting a new tenant as soon as the property is ready to receive them. However, it’s still a contingency you should be aware of.
Maintaining a relationship with people you can trust
We screen tenants very carefully, but now and then, even the most careful property management company can end up with a bad apple. Our no-nonsense approach gets bad tenants out fast, but some disruption to your income-stream is inevitable.
Just as we value the Hobart property owners who entrust their property management portfolio to us, we appreciate great tenants who are a pleasure to work with. So should you.
What makes tenants stay?
While we can’t prevent life changes like a tenant finding a good job in another part of the country, we help you to retain good tenants. We know what makes them stay, too. First and foremost, they want to feel at home. And because they know their rights as tenants, they’ll expect the property owner to live up to his or her side of the bargain.
Efficient property maintenance is top of the tenant retention list. Good landlords are better able to keep great tenants, and our job is to ensure that your tenants are happy with the property management service they’re getting. We’re also able to monitor your property effectively without making your tenants feel they’ve got a nosy landlord watching their every move.
Reasonable pricing will be an important factor. Hobart property owners find our rates reasonable enough to keep rents affordable and still make a healthy profit. As your property managers, we can advise you on market-related rents that your tenants will be happy to pay as well as any adjustments it would be reasonable to make prior to renewal of the lease.
Baxton Property Management works hard to maximise your property income yield – and we’ll make sure your tenants are happy too. Talk to us about our property management service in Hobart and discover why owners trust us and tenants love us.
Written and syndicated by
– Baxton Media.
- Landlords: The importance of maintenance
- Understanding your Residential Tenancy Agreement
- 5 things tenants will pay more for
We hope you enjoyed this article
The information contained in this article is based on the authors opinion only and is of a general nature which is not indicative of future results or events and does not consider your personal situation or particular needs. Professional advice should always be sought relevant to your circumstances.
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