Professional property management consists of a series of relationships between the landlord, his agent, and tenants. The relationship between the landlord and his agent/property manager usually occurs first and is the most important one, since the agent looks out for the owners needs first.
Tenants usually come into the picture later, and many times may be disregarded. However, they constitute a major part of property management, which without, nobody’s homes would be rented. While some may cause headaches for owners and property managers alike, it is typically in the best interest of the owner that a tenant stays longer in a home, rather than vacate after only one lease term. Here are some tips you can take to increase the probability that tenants will renew their leases.
1-Respond to all maintenance requests promptly, and make sure they get completed- The majority of tenant phone calls are for maintenance issues. I experienced this when a tenant moved into a home and found the sprinklers not working and some extra garbage in the attic we did not catch. Our maintenance contacted the owner and coordinated the cleanup and fix up of the sprinkler issue. The tenants called back to thank us for how quickly we handled the situation.
2-Break it down for them- Many tenants get confused when signing contracts and more often than not, do not fully understand or read their lease agreements. The more you can simplify or clarify the lease agreement to their understanding, the easier it will be to hold them to it. They will also appreciate your honesty and how upfront you were.
3-Be timely and professional on inspections performed on the property. Let’s face it, nobody likes their privacy invaded. While annual or more periodic inspections are important, tenants will appreciate it more if you pay attention to detail and if you are prompt and friendly.
While these are simple tips, doing these will increase the probability of tenants staying and will save the landlords money.