A tenancy relationship has two key parties... and each should have mutual respect for the other.

Being a good landlord can mean asking the tough questions during the application process and this allows to you single out the right tenant.

However, once you have chosen the right tenant, the best way you can maintain them over the long term, and continue attracting other good ones, is to be a good landlord.

Here are five suggested qualities you should adopt.

1. Be courteous during the tenant screening process

All good landlords know exactly how to source and identify the best possible tenants for their rental properties. There have been many horror stories about unpaid rent and trashed houses, and while an intuitive feeling about someone’s suitability may be good, it is not enough to make an informed decision. As discussed above, make sure you get as much information as you can from the potential tenant and those who know them. However, during the application process, always remember to be courteous and treat each person with respect. First impressions last and you don’t know until the end of the meeting if this person will be your tenant. Start off on the right foot.

Read more: 7 Frequently Asked Questions a Potential Tenant May Have for Landlords

2. Trustworthiness

Trust is absolutely everything. The financial, emotional and time commitment which you have put into finding the right investment property is large, so make sure you do as much as possible to build trust with your tenant. It will serve you well over your landlord/tenant relationship. Remember they are also putting a lot of trust in you and are choosing to “make” your property their home.

They are also paying you rent which is critical cash flow for a landlord - so building a good working relationship with them develops trust and makes them far more likely to want to stay in the home for a longer period of time.

3. Good communicator

Communication is a part of life. We do it all the time with our work colleagues, friends and family. Developing and maintaining an open line of communication with each tenant provides that sense of assurance, and it also has a double benefit as they are far more likely to reach out to you quickly if a maintenance or repair issue comes up than if you keep an arm’s length distance at all times.

4. Proactive response to urgent issues

Imagine yourself in the shoes of your tenant. Many types of urgent problems can come up and often they impact the tenants quality of life. Things such as hot water not working, electrical wiring failure and garage doors not opening properly. Other issues such as leaks can also cause damage to your property. It is the your responsibility to respond in a timely manner to ensure these urgent repairs are carried out. Response time is important as it builds into the trust relationship.

Of course no rental property operates 100% smoothly all the time. There is always going to be more general repairs and maintenance that need to be done, such as painting the fence, replacing a carpet or even re cladding of the house. If an issue is brought up, make sure you address the problem in a proactive manner and at least give an indication of repair or maintenance time. Not everything can be or needs to be resolved immediately, but the tenant will appreciate the time you put in to understand and address the problem.

5. Rent Review

While it does feel good to have good rapport with your tenants, don’t forget that they are contributing to your investment and that one of your aims is to build wealth and equity. So reviewing your rental income against the expenses should be done at least twice a year or even quarterly and, if justified, the rent should be increased. Bear in mind there are strict rules around increasing rents. More information can be found here. As the property market in New Zealand is in high demand, particularly in Auckland (where the average rent per week is more than $500), make sure you are not undercharging. But on the flip side, be careful that you aren’t overcharging either.

When working through the rent review process, remember to keep in mind the value of a good long term tenant. Whilst putting up rent can have a good impact on cashflow... if it causes your existing tenant to move on then you have to work through the application process again, plus there may be “downtime” where your property is empty and not producing returns. This “downtime” can sometimes negate the additional revenue generated by a rental increase.