Attend to any property related emergency
Rent collection and deposit
Follow up and payment of taxes/ Bills
Water and Sewer Charges
Association Maintenance charge
Lease Period/Renewal of Rental Agreement
Periodical Visit to property
Maintain relationship with tenants
Getting your property ready to rent, advertising the vacancy in local newspapers and online, showing the property, and screening tenants are some of the most costly and very labor-intensive tasks involved in owning and profiting from rental property. Once you have found good and an ideal tenant, it is very important to retain the tenant. Retention of that renter will become an important aspect of the business. Here are some useful tips on how to do that.
Be friendly and flexible and your tenants will likely return the favor. You like to deal with a tenant who is really reliable and respectful and communicative—and your tenant expects the same thing from you.
Clear rental agreement sets the stage for a trouble-free landlord and tenant relationship, other than the monthly rent and utilities. The agreement should tell very clearly who’s responsible for what in the event that repairs are needed. If the property you are renting includes a empty space or a garden you need to be clear about who will maintain it.
If you are managing a multi family residence, like an apartment for example – dealing with tenants who are undermining the residents ability to live together peacefully is very crucial. Having troublesome neighbors will drive ideal tenants away from your building more quickly.
Most tenants prefer to deal with professional property management companies for the simple reason that they know it is someone’s job to quickly help them resolve any issues that may arise. Making it a priority to take your tenants phone calls or to return their calls within 12-24 hours is very essential for the business.
In addition to answering the calls, let your tenant know that they’re important to you by taking care of any needed repairs without delay and in a timely manner.
If you are really fortunate enough to have a long-term tenant, be sure to offer them fresh paint or some minor upgrades once every two or three years.
If there are some renters who do not give any problems and you want to appreciate, you should let them know. A Festival card with a personal note with some small gift is a good example. When some receives unexpected gesture- that could help go long way- toward encouraging tenant loyalty to you.
We need to Respect the privacy of the tenants. They do not want to see or hear from you unless they have a problem. We need to totally respect that. You’ll occasionally need to gain access to the property for one reason or another, but when you do, be sure to give proper notice, and try not doing so more than twice a year.
If you rent your property in a weak rental market and find your tenant’s lease ending in a stronger market, it can be tempting to raise rents by the maximum legal amount. However, good tenants should be offered a rent that is slightly below market rates. This can be a powerful retention tool, which will potentially save you a lot in turnover costs.
This will assist you in searching for new tenants. Also you will increase your chances of retaining the ones you already have if you end up placing their friends in the same building.