Property Management – Lowering Turnover
Every landlord would like to lower the turnover in their properties. It’s costly to attract and retain good tenants, not to mention the costs you incur when they move out and you have to turn a vacant rental. It just makes good business sense to strive to have happy, long term tenants in your properties.
Property Management – The Four Tips
- Set the Expectations: It is essential to educate your tenants when they first move in. They can’t follow the rules if they don’t know the rules. Spend the extra time in the beginning on this process, and you will avoid a lot of headaches down the road. Properly and completely explain what charges they will receive, so that there are no surprises down the road, this way they can make the best personal or business decisions to meet their financial expectations and requirements.
- Stay on top of repairs and Cleaning: Lead by example, if you want the tenant to take of what they are responsible for, then you have to take of what you are responsible for. Nothing makes a tenant unhappier than when repairs aren’t taken care of in a timely manner or the property is dirty. If you don’t have your own maintenance staff, have reliable contractors that can fix problems quickly. The best run properties always commands the highest rents.
- Be proactive and Communicate: Contact your tenants the following month after they move in. Ask them if everything is ok. Making sure to try to meet their expectations and discussing any open or concerning issues will benefit everyone. Also, hearing what they like and what they don’t can help you focus on ways to make things better. It’s much easier to correct bad habits or issues when they first begin.
- “Train” your tenants to pay on time: They will get the idea quickly that they have to pay on time if they immediately get a 10 day letter when they are late on the rent. It’s also not a good idea to waive late fees especially in the beginning. Why would they pay on time if it wasn’t expected of them?
Landlord Responsibilities and Property Management
As a landlord, taking care of your responsibilities quickly and efficiently benefits everyone. When you are a good landlord, this usually results in having happy tenants. Simply setting the stage for a good experience at the very beginning assures them that they have made the right decision in moving into your property.