Avoiding Tenant Turnover
There is nothing like losing a tenant to kill your cash flow. Advertising, and maintenance work to get a unit rent-ready, plus showing costs are a few of the many hits your wallet will take when you have tenant turnover. That doesn’t even factor in the lack of rent checks during vacancy days. Real Property Management Chicago Edge has a few tips to help you keep your renters from jumping ship.
Properly Screen Applicants
After meeting a tenant in person, it is important to complete proper screenings as part of processing an application. Background and credit checks will help you determine how reputable this potential renter will be. By thoroughly prequalifying future tenants, you’ll avoid those who have questionable items in their pasts and who are more likely to be short-term renters. You may also want to check to make sure that they have the money to be able to afford your units, as that is a major reason why people leave.
Avoid Above Average Rent Increases
Real Property Management Chicago Edge is aware of market standards when it comes to rent averages. While annual rent increases are common, the profits you make from hiking the rent regularly will not cover the costs of rental turnover if your tenants become frustrated with rent increases. Keeping rent on par with the area averages will help keep renters around for a longer time. It is important to know the market that your rental unit is in and keep your rent at the right amount for that market. Real Property Management Chicago Edge knows the Chicago rental market to price properties accurately.
Promptly Respond to Tenant Requests
Quick responses to requests for repairs and other such needs is a vital feature to good management. Real Property Management Chicago Edge knows that renters become disillusioned fast if management does not respond to complaints quickly. In spite of a myriad of other appealing features, a renter will leave if they feel a property is not managed adequately. Real Property Management Chicago Edge has 24-hour call centers to help with those unwanted emergencies that come at the most inconvenient times. Fast proactive maintenance completed by professional people is also important for both avoiding bigger maintenance problems in the future and keeping tenants comfortable in their homes right now.
Maintain Renter Relations
Open communication is key to maintaining long-term renters. The day a renter signs a lease should not be the last day they hear from you before moving out. Real Property Management Chicago Edge ensures that all renters know how to easily reach them in their time of need. Regularly touching base in a friendly, non-commercial way helps your renters develop a lasting relationship with you that will help them want to stick around. Also scheduling regular inspections at the time of leasing signing shows your concern for both tenant and property.