Anyone consider becoming a property investor and purchasing rentals in Surfers Paradise could be on to a winning formula. After all, the local Queensland hotspot is rife with people looking for accommodation in the vibrant metropolitan area. However, if you're a first time investor looking into the Surfers Paradise property market, there are a number of things that could cause you headaches.
One of the first things to come to terms with is the responsibility of being a good landlord. Taking on the task of looking after the needs of your tenants can be exhausting, especially if you've never done anything like this before. But there are a number of benefits to going that extra mile and becoming friends with your tenants in the long run.
Why should you become friendly with your tenants?
Co-existing in peace with your tenants right from the get go has the great upside of reducing attitude problems you might get from unruly tenants. If you make an effort to be courteous and helpful from the beginning, you and your tenants will already have a strong basis for future interactions – allowing for an unhindered dialogue between both parties. Creating this type of relationship is like a match made in heaven, so pursuing this is an admirable goal.
Furthermore, from a landlord's perspective, the benefits also have an economic spin to them. Remember, your properties are only profitable if they're occupied. So do everything you can do to secure good, reliable tenants and keep them for as long as possible. Otherwise, you'll have to spend time looking for new tenants, which can potentially take a while – during which time you're property will be sitting empty and unprofitable.
Being in the Surfers Paradise means you're more than likely to have a good, steady stream of different tenants should the need arise. With a whole host of young professionals interested in living close to their places of work through to long term tourists and retirees, the diverse range of people you'll meet in the area can offer some interesting characters to build a great landlord-tenant relationship with.
What can you do to build a strong relationship with your tenants?
For starters, remember that as soon as someone starts living in the property, they're entitled to their privacy. Therefore, heading over to the property unannounced is a big no no. The worst thing a landlord can do is be an overbearing presence in their tenants' lives. They're paying you for the right to use your property as their home, so you need to respect this.
If you do need to go over for an inspection, it's proper protocol to give the tenants enough notice to prepare. Respecting these rights is just one way to build a great relationship with your tenants.
Furthermore, tenants are entitled to call you up and ask you to fix things that break around the house that are outside of their control. This could include things like plumbing or electrical issues and it's in your best interests to take care of these problems as soon as possible. Putting off these fixes can sour your relationship with your tenants, not to mention being in breach of tenancy laws, so it's imperative that you make repairs expediently.
These are just some of the benefits of maintaining a good relationship with your tenants. If you're interested in purchasing investment property in Surfers Property, get in touch with a local real estate agent and begin building your property portfolio today.