🎧 In this episode of The Property Trio, we unpack a thoughtful listener question from Lukasz that goes right to the heart of landlord strategy. Should you chase the absolute highest rent, or focus on securing a high quality tenant who will look after your asset and pay reliably?

Cate, Dave and Mike explore the trade offs that many investors underestimate. Pushing for a record rent can feel like a win, but Cate explains why it doesn’t always deliver the best financial outcome. A property that sits vacant while you hold out for an extra $20 or $30 per week can quickly cost more than it gains. More importantly, overpricing can shrink your applicant pool and attract tenants who may already be struggling to secure housing elsewhere.

Mike expands on the hidden costs that landlords often forget. Vacancy, leasing fees, advertising, maintenance, and the stress of a problematic tenancy can quickly erode any short term gains. A stable tenant who pays on time, stays longer and respects the property is often far more valuable than a slightly higher weekly rent.

The Trio also weigh in on Lukasz’s idea of pricing slightly below market to attract stronger applicants. Cate explains that this can be a smart, strategic move in some locations, but it should never be a blanket rule. Understanding local demand and creating competition between quality applicants is key.

They also discuss the importance of regular rent reviews, careful lease timing to avoid multiple vacancies, and the critical role of a skilled property manager.

The big takeaway is clear; property investing rewards consistency, not short term thinking. Getting the right tenant, maintaining your asset, and managing risk will almost always outperform chasing the last dollar of rent.

….. and our gold nuggets:

Dave Johnston’s gold nugget: “Take the time to get a great property manager. Ring around, ask other people about their experiences. Don’t just take the easiest option, don’t just pick the agency that sold you the property.”

Cate Bakos’s gold nugget: Getting your property in tip top condition before you lease it is a great idea. There are two reasons for this: preventing further degradation is always a good idea. But offering a good. more likely to deliver it back in a similar condition.

Mike Mortlock’s gold nugget: Mike has three gold nuggets this week! Remember that updates, maintenance works and fixes carry tax deductions. And shop around before you list with an agency…. trial the agency with a clever little phone call test. Thirdly, try replicating some of the due diligence that commercial property managers practise.

Related episodes:

Ep. 50         Tenants from hell

Ep. 182        Pets and rentals… the good, the bad and the scary

Ep. 190        The admin, paperwork and responsibility of running an investment portfolio

Ep. 272        How Proximity to the CBD Across 10km Rings Impact Property Yields, Contrasting Houses vs. Units & the Regions

Ep. 296        Nailing Your Investment Purchase – Cash Flow vs. Capital Growth & How to Pick the Right Location

Ep. 350        Selling Property Smarter – Maximise Your Sale Price Without Overcapitalising on Renovations or Improvements

Upcoming ep: #361 – Stay tuned…