LJ Hooker

A Seasoned Property Investor’s Guide to Maximise Returns p. 28 Ways to Improve the Odds of Tenants Renewing Their Lease 04 If you have good tenants who look after your property well and pay rent on time, you’ll undoubtedly want to keep them. But what can you do to help ensure your tenants WANT to stay in your property? Incentivise tenants to renew their lease Keeping quality tenants should be a priority, particularly if your current tenants look after your property well, pay rent on time, and are not unrealistically demanding. One strategy could be that you agree to not increase their rent beyond a certain amount if a 12 or 18-month lease is renewed (eg a $5 or $10 per week increase). This could be especially valuable to your tenants if rents have been going up significantly elsewhere around the suburb, as they get to stay in the same location for greater value. Create a trusting relationship It is easier to get somebody to cooperate if they like you, trust you, and are happy to deal with you. With a typical rental lease you have a year to create a relationship with your tenants. This can be done easily – make sure you handle repairs and complaints quickly and competently, answer queries promptly via your property manager and, in general, be nice and friendly. Quickly resolving problems that are under your control goes a long way to keeping them happy and ensuring them that any issues that need ‘expert’ attention are being prioritised.