Keeping your tenants happy is not just the right thing to do, it could also improve the profitability of your investment. After all, happy tenants generally take care of properties, they don't leave unexpectedly and they also may be more open to reasonable rent increases and regular inspections.
With over 30 per cent of Australian's renting as of the 2016 census, this fact is becoming increasingly important to investors and renters alike. Understanding is the first step towards a more mutually beneficial relationship, so what are Melbourne tenant's pet peeves? How can you keep yours happy?
1. Tenants hate not being able to make changes to the property
Tenants have less freedom than owner occupiers, and a recent Realestateview survey found that was a major issue for many. Almost 60 per cent of respondents said that not being able to make changes to their rental was their most annoying pet peeve.
Fixing this problem and being a better Melbourne landlord isn't difficult at all. '
It's worth letting your tenants know what you are actually happy with before the lease starts, and to try and be as liberal as possible. It may cost $100 to cover over holes in the walls from nailing up pictures, or to change the garden back to its original state, but keeping your tenants happy could save you far more in the long run.
2. Melbourne tenants can't stand unresponsive property managers
A shocking 44 per cent of tenants find unresponsive property managers or landlords to be the most frustrating about renting.
Fixing this problem and being a better Melbourne landlord isn't difficult at all.
If you're hiring a property manager, take time to research their background, search locally, and speak to their past customers – there's a big difference between the best Melbourne property managers and the worst. On the other hand, if you're managing the property yourself aim to always get back to your tenants with 24 hours, and always solve their problems as quickly as possible.
3. No-animal rules are a common Melbourne tenant pet peeve
A house isn't a home if your family aren't with you, and the SPCA estimates that pets are part of the family for 63 per cent of Australians. So many landlords don't allow pets, which is a major frustration for 37.8 per cent of tenants. Go against the grain – allow pets and you'll keep your tenants happy and benefit in the long run.
As you can see, delivering what Melbourne tenants want, isn't complicated or difficult. Give yours all the freedom you can, communicate openly, solve their problems and hire the best property manager you can find to make sure you give them what they need to live happily in your property.