As a residential or commercial property manager, your success is partly measured by your ability in keeping good tenants in the real estate you’re managing. Even if you do all your routine inspections like clockwork and have all your ducks in a row, your employer isn’t going to be completely satisfied with your performance if you don’t retain quality tenants.
Keeping good tenants in your properties is a bit of an art, but by using the tips below, you can go from novice to Picasso a little bit faster!
Use Effective Marketing
One way to keep quality tenants is to attract the right ones in the first place. You can market the right type of tenant for your properties once you understand who or what that is. Think about the traits shared by the best tenants you’ve ever had in each property you manage and make a list of them. After you’ve got your list, use that information to create targeted marketing campaigns that will both reach and speak to tenants with those traits.
Don’t Skip Screening
A solid tenant screening program can help the cream of the crop rise to the top of your candidate pool. Use whatever tools are available to you, such as background and credit checks, but be sure to follow any federal and state laws regarding the types of checks you’re running. Consider adding some level of automation to this process to remove errors and improve speed, such as an online tenant application on your building’s or employer’s website.
Use Clear Communication
The property management/tenant relationship is just like any other in the sense that good, clear communication is necessary for a smooth ride. You, the property and the tenant will all benefit from a solid relationship in more ways than one.
Make sure agreements are completely clear right from the start of the relationship. Any leases, rental rates and increases or extra charges must be simple to understand, and your tenants should be able to access these types of things without hassle.
Keep Up Maintenance
A tenant is often simply looking for a property manager to care. Inspect properties completely before letting a new tenant move in, and keep a log of any problems so you can have them addressed as soon as possible by the appropriate vendors.
Set yourself a maintenance schedule so you don’t miss any important checks, and make yourself available to tenants who have problems or concerns. By putting your best face forward on all fronts, you can keep great tenants in your properties for years to come.