In property management industry, getting great tenants is usually merely half the battle. The other half is finding ways to retain them. High tenants’ turnover is costly in terms of time and money.
If you’re thinking of buying properties for rent, Prestige Real Estate International LTD, a property management expert, cites that it’s important you equip yourself with knowledge on why tenants decide to vacate. Other than for reasons related to a work transfer, family expansion, there are other reasons.
To know how to price accordingly, look at other properties in your geographical area and compare prices. This is especially important to people who own properties for rent in different locations. Each location might dictate a different rate.
Your tenants won’t appreciate nasty or abusive neighbours. Before giving occupancy to tenants, it’s important you do a thorough screening to each potential tenant. Also, keep the communication lines between you and your tenants and respond to any complaints about neighbours.
If there are any amenities to be shared among tenants, make sure this is clear to each of them. For excessively problematic tenants who won’t heed warnings, don’t renew their leases.
When tenants call about broken fixtures, they usually need them fixed right away. If this can’t happen, especially if their needs are ignored repeatedly, they will start looking for accommodation elsewhere. Tenants appreciate landlords who can keep their ducks in a row. If you can be this type of landlord, you won’t have to endure high tenant turnover.
Poor customer service
Aim at being a great landlord by developing good relationships with your tenants. No matter how comfortable you get with your tenants, don’t become intrusive. Always give a 24-hour notice before making visits to their homes.
If you increase tenants’ satisfaction, you will be guaranteed of slashing down 60 percent of tenant turnover. To increase tenant retention, you must first understand why tenants keep moving out. You must address the issues mentioned above to better your service.