Regardless of the size of your property portfolio, where your properties are located, or what sort of property you own, the success of any investment property - and property investor – comes down to having someone rent your property.

It seems obvious that cash flow is the most important factor. Bills, insurance, maintenance costs – unfortunately the money will continue to go out regardless of whether your property is tenanted or not. It is for this reason that the importance of having your property tenanted should always be a priority for an investor. 

There are many rules and regulations that must be adhered to when you become a landlord, which is where your property manager becomes a valuable asset in ensuring the business of renting a property is managed effectively. 

Behind the scenes, there are a number of ways to ensure you’re a good landlord:

• Understanding and acknowledging notice periods. Each State and Territory list clear notice periods to gain access to a rental property. There are also clear way of providing this notice to respect tenants’ right to privacy. While it is your property, it is also your tenants’ home.
• Work in a timely manner. If your property manager or tenant has advised that maintenance work needs to be completed, or something needs to be fixed, don’t leave tenants in the dark – arrange to have issues addressed promptly.
• Don’t get caught up in emotional empathy. It is best to not get involved in tenants’ personal concerns. If you are unsure or concerned about how this may impact you, speak to your property manager for advice.
• Timely communication. If tenants put forward a request or complaint, respond to them professionally and in a timely manner. Tenants don’t want to wait months for a response. 
• Keep rent reasonable. Don’t leave your property’s rent price well below average and expect to catch up with a huge increase per week - this won’t go over well with tenants. Rather, smaller increases when the market moves are much more reasonable. 

When it comes to ensuring your property’s success, having a positive cash flow is important, but more so is ensuring that your property has tenants who provide that cash flow. If you’re a responsive, proactive landlord, you’re far more likely to attract and keep a quality tenant.