Living is expensive. Renting out your property, advertising it, and showcasing it for prospective tenants are the costliest, most time-consuming tasks involved in maintaining rental properties. Your business will benefit from the retention of ideal tenants, as soon as you have found them. Do that by taking into account the 11 tips detailed below:
#1 – Build a good, clear agreement relationship
Clear rental agreements are the only thing keeping a landlord/renter relationship in the no-trouble zone. Apart from the monthly utilities and rent, this agreement should point out the person responsible for dealing with repairs when needed. Clear up who will maintain the upkeep of the yard if your property has one.
#2 – Be professional
Both you and your tenant wish to manage things with a reliable, responsive and respectful person. Be flexible and friendly and your renters will most likely return the favor.
#3 – Pick up the phone
Tenants usually prefer to have contact with professional property administrators, knowing it is their job to quickly assist them in resolving any issues. No matter what your other responsibilities are, promptly taking or returning your renters’ phone calls within a maximum of 24 hours should be your main priority.
#4 – Handle repairs in a timely manner
Take care of any required repairs without postponement in order to let your tenants know how important they are to you.
#5 – Make aesthetic house improvements on an acceptable timetable
If you are lucky enough to get hold of a long-term renter, make sure you offer a professional house cleaning every 2 to 3 years.
#6 – Promptly handle disruptive tenants
You should be managing a residence with multiple families. It’s very important for your business to deal with those renters that threaten everyone’s ability to coexist peacefully. Deal with annoying neighbors quickly, lest you surely drive ideal renters away.
#7 – Respect the privacy of your tenants
Unless they have a problem, your tenants don’t want you around. Respect that. You will need to access the property every now and then but when doing that, be sure to properly inform them and try to do that only two times a year.
#8 – Do not raise rent too much
If the rental market is in a weak period when you lease the property and the lease is expiring in a stronger one, you may be tempted to raise the rent to the most legally accepted limit. But if you offer a below-market-rate rent to a good tenant, you’ll probably save hundreds or thousands in turnover expenses.
#9 – Get help filling vacancies by offering your tenants incentives
This will help you find other tenants or retain the ones you have at present, if you manage to place their friends within the very same building.
#10 – Show your appreciation
Let your tenants know you appreciate them. A personal note on a Christmas card, for example; it’s a considerate and unexpected gesture that can encourage your tenants’ loyalty towards you and the business you’re running.
#11 – Make it an affordable property
It’s a great way to increase tenants’ interest in your property. Propose a partially-furnished space when advertising your property. You can find good, secondhand furniture at many lawn sales or thrift stores. It will add attractiveness to the living room area, as well as ease your tenant’s financial burden with very little cost. An apartment that is partly furnished will also enhance profits as it allows you to ask for an increased price on the space.
Author Bio:
Josephine White currently works as a property management writer in whiteglovepm.com from Orange County, California. When Josephine is not working, she enjoys spending time with family and friends in her off time. She also enjoys scrapbooking, photography, animals, and any activity that is outdoors. You can add her to your Google+ circles: +Josephine White