Canberra’s rental vacancy was at 1.7 percent mid-spring – much higher than the national average of 1.0 percent. Photo: Supplied.
Any good landlord would gladly welcome ”unicorn” tenants: those who care for the property as if it were their own, raise concerns quickly and fairly, and pay their rent on time, every time.
But just like there’s a spectrum of quality for landlords and their properties, there’s one for people living in them. With 31 per cent of Australia’s population renting in 2022, there’s a huge range to consider.
Being a good property owner doesn’t necessarily mean the unicorns will flood in. There are, however, some ways to make sure tenants feel safe, happy and well looked after.
LJ Hooker Canberra City development manager James Herbert says the first step is to establish a solid relationship with regular communication.
“It’s all about being proactive and staying in touch, especially in the early days,” he says.
“Worst-case scenario is a tenant suddenly giving notice and leaving the property in bad condition. If your tenants aren’t happy but don’t know who to talk to or aren’t comfortable raising an issue, the chance of this happening is much higher.
“Preferences for size, style or amenities will always come second to wanting a well-maintained property that is clean, tidy and safe.”
Other landlord considerations for happy tenants include being prompt and thorough with any required maintenance or repairs, sending lease renewal reminders out well before their term ends, offering longer leases, and carefully considering requests for minor changes in or around the property, especially if they’d make residents feel more at home.
They might seem like obvious tips, but James says most landlords simply don’t have the time or resources to stay on top of them for every tenant.
“If you’re doing well, you won’t hear much from, or about, your tenants. The property will be taken care of and rent will be paid on time,” he says.
“But if things start to skew, the time and effort involved in setting it right can quickly become too much for a private landlord.
“A property manager is the way to go. They oversee every aspect of running a rental, allowing owners and investors to be as hands-off as possible.”
The best way to check whether your tenants are happy is to just ask, head of property management Stacie Baker says.
“We normally see signs of unhappiness when there are significant changes in the market,” she says.
”Tenants get stressed with lack of supply, especially if they’re vacating and having trouble finding a new property in a tough market.
“In our case, communication is a three-way street.
“The team sends out quarterly feedback forms to our tenants to see where we can improve and invites all our landlords and investors to come along for routine inspections.”
When it comes to maintenance and repairs, landlords should never try to DIY. It pays to have a network of reputable tradespeople who can not only do the job but provide advice that saves time, money and stress in the long run.
The ACT has seen several reforms to residential tenancy laws over the past two years. Stacie says many landlords feel these changes have affected their portfolio negatively, but they have been highly effective in identifying experienced agents.
“I’ve worked in real estate for 25 years,” she says.
“I’ve seen just about everything that can go wrong with private leases, from tricky lease agreements and broken bonds to property damage and tenant disputes.
“You absolutely need an experienced agent managing your investment and negotiating on your behalf. It’s the best way to ensure a smooth tenancy.”
Owning an investment property is a long-term commitment – LJ Hooker Canberra City property managers work to streamline growth and maximise returns on your behalf.
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