Why are Long-Term Tenants The Best?
Updated: Apr 12, 2021
Long-term tenants are tenants who sign a tenancy contract of between 2-7 years. This means that they aim to occupy a property for a longer duration of time as opposed to short-term tenants. Even though short-term tenancies have their own benefits, they cannot be compared to the many benefits that come with long-term tenancies. In fact, most landlords prefer long-term tenants as opposed to short-term tenants. Why?
Benefits of Signing a Long-Term Rental Agreement
Offers a Sense of Stability
As far as income flow is concerned, long-term tenancies provide a greater sense of stability. This means that property owners can rely on this source of income for future expenses. Moreover, it is possible to calculate and budget for the expected future rental income. This makes the ROI for the leased properties more predictable and stable.
Many real estate markets have a larger supply of houses than demand. This is especially because of the increased investments in the sector. That said, a long-term tenancy ensures that a landlord is guaranteed of having tenants for a long duration. The stress of dealing with vacant houses every now and then is lower when dealing with long-term tenants.
Makes The Management Process Easier
Managing a property is already a hectic job, but it is harder when dealing with short-term tenants. This is because new tenants have to be vetted and processed every now and then. However, with long-term tenants, such processes are eliminated and are only carried out after long durations of time. This makes managing the property cheaper, easier and less stressful.
How to Find Good Long-Term Tenants
Finding long-term tenants is the dream of almost every property owner. Unfortunately, it is not an easy job. However, there are a few measures that a property owner can put in place to ensure that they attract great long-term tenants. For example, maintaining a property to be in great conditions at all times is a sure way to attract long-term tenants.
Secondly, hiring an experienced and talented property manager in Baldivis is another way to get long-term tenants. This is because property managers have specialized skills to attract tenants and close a great deal successfully. Therefore, as a landlord, it is paramount to have a great property manager for your properties.
The Critical Role of Property Managers
To get great returns on property investment, you must have a great property manager. As Advantas Property, we play the important role of linking tenants with landlords by ensuring the needs of both parties are met. We also make sure that the property owner does not have to deal with daily management issues that can be very stressful. Contact us today and enjoy being a stress-free property owner!