Many years ago the Aussie dream of home ownership was both the promotion of government and your grandparents. The concept of being a renter for life was something you did in the UK not in the lucky country, Australia. Well rental management companies and property managers need to pay attention. The tide is turning and the need for continuing rental management services has become exactly that.
A report released today by realestateVIEW.com.au presents research data to suggest that the many renters are in the market place for the long haul and they are not ashamed of being tenants. This is good news for the property owner who simply wants good people to, "rent my home".
"The Housing Sentiment Report – examining the lifestyle preferences and affordability concerns of over 1200 buyers and renters – shows one third of tenants have been in the rental market for five-plus years, with affordability a major deterrent to entering the market.
As a property investor you need to take some of this data seriously and start to think about your role as a landlord. The future is rosy for investors but the rental success to be enjoyed will depend largely on the rental management company being engaged and the level of rental management services being delivered. Tenants are your customers and if you're not prepared to deliver excellent rental management services at least ensure you have a property manager who is.
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"The Housing Sentiment Report – examining the lifestyle preferences and affordability concerns of over 1200 buyers and renters – shows one third of tenants have been in the rental market for five-plus years, with affordability a major deterrent to entering the market.
What is preventing them from buying?
- Half of renters believe they can’t afford a deposit;
- 32% believe they can’t afford mortgage payments
- 28% of renters haven’t bought a property because they can’t afford to buy where they want to live
- 25% think the market is overpriced
- 22% believe it’s cheaper to rent
- 18% have difficulty obtaining finance
- 16% don’t want to be tied down to one place because of a mortgage
- 12% have already bought an investment property
As a property investor you need to take some of this data seriously and start to think about your role as a landlord. The future is rosy for investors but the rental success to be enjoyed will depend largely on the rental management company being engaged and the level of rental management services being delivered. Tenants are your customers and if you're not prepared to deliver excellent rental management services at least ensure you have a property manager who is.
View my free report, 5 Costly Mistakes Landlords Make with their Investment Properties, follow the link for instant access. Written by Chris Snell, Property Manager, Rental Success Blog.
