Finding the right tenants to occupy your rental property is one of the most critical aspects of property management. However, retaining those tenants is equally as crucial to the success of your rental property. As property managers in Howard County, we expect our tenants to make timely payments, respect and preserve the property and maintain communications throughout their tenancy. Property managers are expected to hold the same level of professionalism in order to retain their tenants. By following these five tips for resident retention, you will avoid giving your tenants a reason to change their residency. Here are our top five resident retention tips for property management in Howard County.
Timely Communication
Timely and consistent communication is easily the best way to show your tenants that you value them. Property managers in Howard County should respond within 24 hours. You should also have several ways that a tenant can reach you. Be sure to make them aware of your email address and phone number. Any maintenance issues should be addressed and handled immediately. Having the tenant wait around to hear back from a property manager while they have a problem with the property is a surefire way to ensure that the tenant does not renew their lease. Be sure to also remain honest when discussing with your tenants as honesty goes a long way when building a professional relationship. Setting clearly defined policies from the beginning is also crucial as it will avoid an abundance of complications and can be used as a reference if necessary.
Routine Maintenance and Keeping the Property in Good Condition
Keeping up with routine maintenance is a principal task for property management in Howard County. Staying on top of maintenance keeps the property in a favorable condition and will assist in retaining tenants. Nobody wants to live in a home that is falling apart due to neglect, let alone pay a premium for it. Letting a home get behind on routine maintenance will not only lower its rent value but also drive tenants out.
Perks and Incentives for Lease Renewal
When a lease term ends, tenants must decide if they want to renew their lease or not. While there may be factors that are out of your control that requires tenants to leave, there are perks that you can offer to try and incentivize them to stay. A small and inexpensive option is a cash bonus. These can be very affordable for property managers yet make a major impact on the tenant. You may also offer discounts on a lease renewal such as a certain percent off their first month on the new lease. Another smart way to get tenants to renew their lease is to offer a choice of home upgrade. These can be new appliances or home renovations that will not only boost the chances of a lease renewal but also boost the value of the home.
Streamline Payments and Repair Requests
Using dedicated software to track all payments and maintenance is a great way to simplify the entire process for both the tenant and the property manager. These automated systems will organize requests and keep a record of all payments made. Encouraging your tenants to make online payments makes the process easier for everyone. If a payment is late, the software will notify both parties. Maintenance requests can be made through the software and pictures can be attached. As repairs are made, updates on progress can be shared with the tenant and property manager. Property management software is highly recommended for both ease of operation and tenant retention.
Keep Rent Rate At or Below Market
Besides lack of maintenance, economic reasons are a close second for reasons that tenants do not renew their leases. To avoid this, keep rents below the average market level. This does not mean that you have to underprice your property, it means that you should be aware of what other similar properties’ rent rates are. Doing so ensures that your property is not overpriced which would deter potential tenants or underpriced which would mean you lose out on profits.
Premier Provides Expert Property Management in Howard County
While retaining tenants is crucial, it is only one of many things that property managers are responsible for. To adequately manage a property, management must maintain a comprehensive list of duties. At Premier Property Management, we offer a total and complete property management service in order to ensure tenant retention. If your looking for the best property management in Howard County, look no further than Premier Property Management. Call or contact us today to get started.
