Why good tenants are worth the wait

Why good tenants are worth the wait

Why good tenants are worth the wait

POSTED BY John Ireland ON 18 Dec 2020

By now you understand that a good property manager is worth their weight in gold, saving you money, stress and time by looking after your property and helping you maximise its value.

At One Agency Ireland, we go above and beyond to ensure our landlords and their rental properties are looked after. As part of this service, we take tenant selection very seriously.

The value of a good tenant

When your property is for lease, it can be tempting to sign up the first applicants who come along. Yes, this means you will be collecting rent, however sometimes we advise our clients to hold out for someone who is more suitable for the property.

Let’s say you have your investment property advertised at $550 per week. The first applicants seem ok and offer to pay $500 per week. Many property managers would accept those tenants so they can start collecting their agency fee as soon as possible.

If, however, you hold out for that extra couple of weeks for a tenant who is willing to pay the extra $50, you will make the money back very quickly and be better placed for long term returns on your property.

My property management team doesn’t rush to drop the price of a rental property if it is not tenanted within the first week. Instead, we believe in holding out for the right tenants, who understand they are getting value for money because of a quality property and a responsive property manager.

When selecting tenants, it’s imperative to thoroughly check their rental history, employment situation, salary, conduct a 100 point ID check and obtain character references from colleges too. All applicants are checked against the National Tenancy Registry. We do ask a series of questions to determine their reliability and to establish the applicant’s character, also how long they intend to stay on the Peninsula.

By holding out for the most suitable tenant, you as the landlord stand to benefit in two ways.

Firstly, quality tenants are likely to stay for longer. This will save you money as you won’t have to re-advertise the property each time the lease expires (or even sooner).

What’s more, great tenants will treat your property as though it is their own. Our team at One Agency Ireland will form a strong relationship with the tenant, as this ensures they will let us know as soon as there are any issues that require attention. We will also be able to gauge their feedback regarding ways to improve the property in order for you to achieve better capital gains.

Premium property management – Avalon

In order to ensure your tenants are looking after your property, we conduct inspections up to four times per year, if necessary. We also make ourselves readily available should they have any concerns or requests. The happier your tenants are with our service, the more likely they are to stay for the long term.

As well as managing your property, we’re excited to share information with you about how its value can be improved. Sometimes a small expense like new carpet or a low-cost kitchen update can improve your rental yield or property value by several thousand dollars. We provide advice on a case by case basis to help you achieve your property investment goals.

Having been in the building and real estate industry for over 30 years, I’ve seen dozens of times how great tenants can make all the difference to the long term value of a rental property.

Contact my office to find out how I can help you get more from your Peninsula based investment.