Even if you provide a space for rent, it doesn’t mean tenants are automatically at your mercy. You may have the privilege to write the rules, but you must realise that both depend on each other to survive. If you don’t take care of your business relationship, you can’t expect high occupancy all year long.
Thanks to the new legislation that made granny flats in Perth turn into rental units for non-relatives, there’s an easier route to becoming a landlord. Instead of letting your vacant lot or old secondary dwelling useless, it’s suddenly a viable source of income. Now that the competition is getting fiercer, you could easily lose and keep losing a good tenant because of these:
Nobody wants to be lied to. If you give your word to your tenant, make sure to keep it. Saying one thing and doing another is proof that you’re unreliable, and therefore not worthy to have their business. As you deserve a timely rent payment, your tenant deserves a timely response and action. If you agree to let them accept visitors today, you can’t change your mind tomorrow.
Maintenance and repairs are generally a landlord responsibility, and you’re obligated to attend to such needs of your tenant. If you keep ignoring their request, it only goes to show you don’t prioritise or even care about his or her tenancy. Until you provide a clear procedure in place when it comes to reporting damages, a small crack on the wall could create a big hole in your business relationship.
Emptied Bank Accounts
Even if you reserve the right to raise your rent, an unreasonable increase could send your tenant shopping around other granny flats to move into. Tenants know an increase is on the horizon, but they never appreciate to be caught off guard when it comes to a rental hike. Needless to say, you must handle this with care.
Your granny flat is a commodity; your tenant is a consumer. Without providing good customer service, you could never maximise the profit potential of your rental property.