How to Attract and Retain Quality Tenants for Your Rental Properties
For your company to maintain consistent revenue and quality, finding and keeping upstanding tenants for your rental properties is very important. A bad tenant can leave your entire complex up in arms and ready to leave. Have you ever heard the saying, “You are the company that you keep”? It’s likely impossible to have 100% policy abiding tenants all the time, it is important to screen prospective tenants, to avoid dealing with trouble down the line.
- First impressions are everything! Ensuring that you keep your property well-maintained will likely draw in the sort of tenant that you are looking for. If you make sure that your properties are consistently inspected, maintained, and well-cared for, the tenants that move in, will likely treat your property with the same respect. The truth is, if you don’t maintain the property, it will likely draw in the wrong kind of crowd. This is because it may appear that management is not around the unit much to inspect and care for it, and thus they will assume that management does not care how the tenant treats the property.
- Price Correctly! When you go to list your property on the market, it’s important to price your rental at a price that is comparable to other units based on if they have the same amenities, location, or size.
- Screen Tenants Thoroughly – This is vital in knowing exactly if a tenant is in good standing. These days, with a rental application, a fee is typically charged to the applicant that will cover the cost of a background check and credit check. Then with a click of a button, you can pull up all of the information that you may need to make an informed decision on a final tenant.
- Address Maintenance Concerns Promptly – It’s important to respond to any service calls from tenants as soon as you can, this shows the tenant that not only do you care about their living quality, but also the building maintenance as well. Nobody wants a landlord that could care less about the building’s condition. A good quality tenant will report any repairs so that the building can be properly maintained.
- Inspect the Property Regularly – You don’t the first time you hear about a problem coming from a tenant. It is always better for your team to be proactive in searching for repairs or aspects that need some extra attention. Doing this practice weekly or monthly can save you a lot of calls later and possibly even a lot of money if you catch a problem before it gets worse.
In the end, you want your tenants to be happy and to stay long term. Having to consistently find new tenants is not only a headache but it is expensive. When you consider the cost of marketing, labor in showing the unit, and the loss of income if it remains vacant, it’s entirely a better option to renew with current tenants if possible.
Here at Harvey Goodman Property Management, we pride ourselves on maintaining professional properties for our tenants. We hold a consistent record for long-term tenants, with the average tenant staying with us for at least 4 years. You can trust your property with our team and rest assured that we will find the perfect tenant for your property and maintain your property to excellent standards.
Give our office a call today at 740-695-3131 if you are looking for a property management team or if you are in search of a rental. Our leasing staff would be happy to help you!