02 Jun Tenant Management
Whether being a rental property owner is your full-time job or simply a part-time investment, good tenant management is fundamentally important. Good tenants are the lifeblood of a profitable property management business, while bad tenants can give you nothing but headaches. From paying rent late to not paying it at all, a bad tenant can torpedo your financial goals. To ensure the success of your investments, it’s important to understand how to find good tenants and manage your relationships with them. With this in mind, we offer some insight on tips for better tenant management.
Better Tenant Management Tip #1: Better Communication = Tenant Retention
Finding and keeping reliable tenants, is hard work. But, it is exponentially cheaper to them than it is to find new ones. So, never underestimate the power of communication when it comes to your tenants. As a landlord, you already know that good tenants pay their rent on time and take care of the property. Which is why it is important to keep them renting from you. Remember, your job does not end once your property is rented. There is still a lot of work to do to keep your tenants happy. And, communication plays a key role in tenant satisfaction and retention. It also saves time and money. With this in mind, we offer a few tips on better tenant management.
Communication Tips For Better Tenant Management:
- Be Flexible: every tenant is different some prefer a phone call while others prefer emails or texts as well as in person visits
- Have Patience: it may seem like a hassle at first to change your communication style for each tenant but it will be worth it
- Modernize Your Approach: whether by phone, text, email, or chat, it’s important to appeal to everyone
- Use Technology: to be more responsive to tenants and their maintenance and repair requests and their questions
Better Tenant Management Tip #2: Regular Property Maintenance = Value
Landlords who reinvest a portion of their rental income into performing routine maintenance will keep their properties in great condition and their tenants happy. In fact, quick, reliable, and cost-effective property maintenance is key in upholding the integrity of a rental property and ultimately helps cultivate a healthy, happy relationship between tenant, property, and owner. From appliance repair to pest control, rental maintenance costs form a key component of a property’s operating expenses. But, when these costs spin out of control, the bottom line suffers. This happens when a landlord fails to budget for future repairs, ongoing maintenance and/or maintenance issues. For this reason, do not wait for something to break before you fix it. Instead, be proactive in your approach to rental property maintenance.
Preventative (Routine) Maintenance:
- Perform Routine Inspections: do this to uncover potential problems and take action when it is needed
- Check For Water Damage & Leaks: check all water sources, sinks, doors, showers, water heaters and toilets
- Paint: whether it falls under normal wear and tear, painting will help keep your rental looking good
- Inspect & Refresh: shower caulk and grout
- Inspect Roof: and clean the gutters
- Landscaping: keep it neat, trimmed, and maintained
- Carpet Cleaning: do this every year to prolong the life of your flooring
- Replace: all air filters
- Patch Cracks: in the ceiling or drywall
- Flush: water heater
- Pest Control: preventative actions like spraying on a regular basis will help prevent invasions that could disrupt you and your tenant
- Test Smoke and Carbon Monoxide Detectors: regularly
Remember: Tenant Management Is A Process
Because good tenants are the lifeblood of your business, it’s important to manage your relationships with care. That’s because, your tenants are three times more likely to renew their lease if they are satisfied that their needs have been met by you and by the property itself. Remember, without good tenants, you will not be able to enjoy profitable real estate investments. But to get good tenants and keep them, there is an ongoing process that must be met. For this reason, many owners employ the services of a local property manager to assist them with the various aspects of their management.
Feel good about the way you manage your rentals by hiring a rental property management company to assist. Whether you are interested in changing property managers, or simply looking to hire a property management company for the first time, we can help! We take care of all types of residential rental properties including homes, condos, and multifamily properties such as multiplexes, duplexes and triplexes, and even small apartment buildings. Let us manage your rental properties, so you can enjoy your life! Call us today at (858) 576-2176. We will save you time, money, and the stress that comes along with managing your own properties.