Should I consider long term lease arrangement?

Discussion in 'Property Management' started by SJK2016, 2nd Dec, 2017.

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  1. SJK2016

    SJK2016 New Member

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    I have an investment property that is basically my retirement fund - I won't be selling it anytime in the next 20 years (unless of course something dire for happens).

    My property is immaculate and I get anything fixed replaced immediately so I want someone that will respect the residence.

    It's tenanted currently through a property management estate agency but these wonderful tenants are only going to stay for another 2 years max.

    How could I find a really good long term tenant? Any tips suggestions? What to look for? Family make up (single, couple, family,any adults)

    Also if we're to have a longer lease should I put in place any other agreements?

    Any advice would be much appreciated :)
     
    SJK2016, 2nd Dec, 2017
    #1
  2. Xenia

    Xenia Well-Known Member

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    Are you asking a question that is 2 years away?

    Simple answer - get the current manager to source a new tenant closer to the time
     
    Xenia, 2nd Dec, 2017
    #2
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  3. geoffw

    geoffw Moderator Staff Member

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    If the property is immaculate, well priced, and there's not an oversupply in the market, you won't have any trouble reletting.

    The majority of landlords here would be happy to have a good tenant for two more years.

    But the possibility of vacancy can worry a landlord. Don't let it worry you, and be prepared financially for vacant periods if they occur.
     
    geoffw, 2nd Dec, 2017
    #3
  4. Trainee

    Trainee Well-Known Member

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    If its a good property someone will rent it. Changing tenants means you can adjust the rent to market. Work on your own mindset: its an investment. My guess is your need for the tenant to respect your place shows in your dealings with them.
     
    Trainee, 2nd Dec, 2017
    #4
  5. Scott No Mates

    Scott No Mates Well-Known Member

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    Buy a commercial property and let it out for 5 years.
     
    Scott No Mates, 2nd Dec, 2017
    #5
  6. Chivaun.Shortis

    Chivaun.Shortis Well-Known Member

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    Having a well presented property is always going to attract good tenants - yes some crappy tenants may apply but you can be picky with the selection process.

    I know this sounds silly but being a PM for many years and it is proven over and over again that good properties attract good tenants and not so good properties (not upkept, safety issues etc) will attract not so good tenants. Hence these tenants normally rent privately and pay high rental prices for the privilege of renting a property.

    Just really monitor your applications make sure you are 100% happy with the application before approving. Make sure they have an excellent reference as it sounds like the property is immaculate and you are a great owner so you are not wanting a high maintenance tenant causing your grief
     
    Chivaun.Shortis, 2nd Dec, 2017
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  7. Beano

    Beano Well-Known Member

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    Buy a lessors interest
    You probably not get a vacancy for several hundred years and you will not need to do any maintenance either
     
    Beano, 2nd Dec, 2017
    #7