When you have invested in rental properties, understanding how to retain quality tenants is essential to your bottom line. While it may be easy to fill up your apartments with any tenant, finding tenants who are going to pay their rent on time every month is more difficult. When you have empty apartments and you aren't sure where to turn, working with a quality property management company can turn around a struggling rental property and make it the successful investment you were hoping for.
Solid Screening of Potential Tenants
While you may be eager to fill up empty apartments when you have recently purchased a property, you must take your time to screen tenants appropriately. If you don't have the time or the skill to screen your tenants, this is where a property management service comes in. All tenants should be screened to ensure that they will be able to afford the rent you are charging, by providing documentation that verifies income. Further, you can have your tenants sign a criminal record release, and you can check on the criminal record of any people that apply to be a tenant in one of your buildings.
Tenant Retention Rises When Tenants are Satisfied
The general upkeep of the property, how quickly you respond to calls, and how easy it is to reach the office are all important to tenants living in your building. If you are having trouble managing too many calls from tenants, you will get behind in responding. Calls that are left unanswered can result in tenants moving on to another property. When your tenants know that they can reach the property management company at any time, they are more likely to remain tenants.
Scheduling of All Maintenance Keeps the Property Looking Great
Most people take pride in the place in which they live, even if it is in an apartment building. No one wants to come home and see an unkempt yard or trash piled up. When regular maintenance is properly scheduled, the property will look great and your tenants will know that you care about their home. While you may own the property, your tenants call your property home. Taking good care of the home in which your tenants live give them a reason to be more appreciative of you as a landlord.
When you need to increase your tenant retention rates, working with a property management company is essential.