One of the uncertainties in owning a rental home is tenant turnover. When homes are vacant it means no money coming in. Advertising, and maintenance work to get a unit rent-ready, plus the cost and time of scheduling showing all contribute to expected costs in tenant turnovers. These expenses are compounded with the fact that tenant vacancy means cash flow ceases. Real Property Management Coeur d’Alene believe that your best option is tenant retention and want to give you a few tips to that end.
Properly Screen Applicants
After meeting a tenant in person, it is important to complete proper screenings as part of processing an application. Background and credit checks help determine how reputable your future tenant will be. By thoroughly pre-qualifying future tenants, you help in bringing tenants who are more likely to have long term lease and avoid tenants with a past that may damage your property. A major part of this screening process is checking the financial feasibility of your tenants.
Avoid Above Average Rent Increases
Real Property Management Coeur d’Alene is aware of market standards when it comes to rent averages. While annual rent increases are common, the profits you make from hiking the rent regularly will not cover the costs of rental turnover if your tenants become frustrated with rent increases. Keeping rent on par with the area averages and will help your tenants feel secure in staying long term at your property. It is important to know the market that your rental unit is in and keep your rent at the right amount for that market. Real Property Management Coeur d’Alene knows the Coeur d’Alene rental market to price properties accurately.
Promptly Respond to Tenant Requests
Quick responses to requests for repairs and other such needs is a vital feature to good management. Real Property Management Coeur d’Alene knows that renters become disillusioned fast if management does not respond to complaints quickly. It is best to not leave your tenants wondering or questioning your lack of response. In spite of a myriad of other appealing features, a renter will leave if they feel a property is not managed adequately. Real Property Management Coeur d’Alene has staff on call to help with those unwanted emergencies that come at the most inconvenient times. Fast proactive maintenance completed by professional people is also important for both avoiding bigger maintenance problems in the future and keeping tenants comfortable in their homes right now.
Maintain Renter Relations
Open communication is key to maintaining long-term renters. The day a renter signs a lease should not be the last day they hear from you before moving out. Real Property Management Coeur d’Alene ensures that all renters know how to easily reach them in their time of need. Regularly touching base in a friendly, non-commercial way helps your renters develop a lasting relationship with you that will help them want to stick around. Also scheduling regular inspections at the time of leasing signing shows your concern for both tenant and property.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.