Avoiding Tenant Turnover
Tenant retention is the most important thing for your cash flow and although you cant be sure of a tenant renewing a lease you can put systems in place to find someone who desires to commit to one. And when you have tenant turnover you are paying for more than just not having renting the space; advertising, and maintenance work to get a unit rent-ready, plus showing costs are a few of the many hits your wallet will take when you have tenant turnover. Real Property Management Coeur d’Alene would like to offer you some helpful tips on how to assist in retaining tenants
Properly Screen Applicants
After meeting a tenant in person, as the application process it is important to complete proper screenings as part of . Background and credit checks help predict how reputable this potential renter will be. By qualifying future tenants, you’ll will keep your property safe from those who have questionable items in their pasts and who are more likely to be short-term renters. Also through you employment check you can make sure that they have the money to be able to afford the rental, as that is a major reason why people leave.
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. To assist with this research the rent average of your area and plan accordingly, this information is public knowledge and renter will know if there rent is over priced. 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 and give you the most sensible return.
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. 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 trained staff who apply to maintenance requests efficiently and in a timely manner. Fast proactive maintenance completed by professional property managers is also important for both avoiding bigger maintenance problems in the future and keeping tenants comfortable and happy.
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, you are creating a real bond with the tenants. Also scheduling regular inspections at the time of leasing signing shows your concern for both tenant and property.
These are all tips to help secure tenants for lease renewals and create a good name for yourself as a landlord. Real Property Management Coeur d’Alene has wealth of knowledge and personal experience in all of these areas and are here to help you select the best tenants for the longevity and cash flow of your rental 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.
