Operating rental properties means property owners have their hands full. One of the most important jobs you have is dealing with residents and finding ways to place quality renters and keep them for more than one lease term!
Property owners need renters that pay rent on time and keep the property in good shape. If you place quality tenants in your properties, and they stay for several years, cash flow stays consistent, and you generate better returns. When tenants move in and out, or owners evict someone, they lose valuable income and face expenses they didn't budget for. Even a one-month vacancy can hurt your bottom line, so property owners need to look for ways to boost tenant retention and increase ROI. The best property management Baltimore offers has ten tips that will help you keep more tenants longer!
1. Beef Up the Tenant Screening
Nothing helps with a great tenant experience like thorough tenant screening. A strong tenant screening program is a preventative measure for bad tenants and costly problems down the road. Even if you need new renters quickly, property owners must be careful not to bring just "any" prospective tenants into a rental property. Property managers can tell you that screening out those who may not pay you or have a poor credit history helps reduce potential ROI issues from renters who move in but never pay the rent.
2. Get To Know Your Tenants
Once your tenants move in, it pays to get to know them. Make them feel valued and heard. If you take time to build positive relationships with renters, you can often prevent troublesome issues from arising. You may get to know what's important to them in a home, so you can ensure your Baltimore, MD, property meets those requirements (if possible).
3. Respect Resident Privacy
As you try to get to know your tenant, be sure to respect their privacy. Property owners can't go barging into the home without notifying them first and agreeing on a time (unless it's an emergency that puts the property or residents in danger). When you respect their privacy, residents will feel more like the home is their own and are more likely to renew their leases!
4. Identify Possible Improvements
Once your tenant has been living in the property for a while, you might want to review potential property improvements. Just because a property remains occupied by the same tenant doesn't mean you want to neglect potential updates. Making improvements to it as time goes on will increase the home's overall value. Plus, your renter won't feel the need to look elsewhere because they already live in an updated home!
5. Make It Easy to Pay Rent
Rent collection must happen on time every month to maximize returns. One way to ensure this happens is to make it easy for renters to pay the rent! A secure online portal helps residents pay on time. Property management companies know that residents have one more reason to stay for another lease term when rent collection is easy.
6. Send Out Rent Reminders
Even with simple payment methods, sometimes renters still don't pay rent on time. Before assessing late fees or taking a tenant to court, a property manager recommends sending a timely reminder. In many cases, renters simply forget, and a reminder is a kind way to maintain landlord-tenant relationships. For frequent missed payments, offer information about setting up autopay with their bank.
7. Deliver Early Lease Renewal Notices
Renewing the lease can be an ordeal for tenants and property owners without planning ahead. Helping tenants renew well before the lease is up can help them decide to stay. Property managers recommend providing them with an early lease renewal notice. This brings it to their attention before their current lease ends and lets them know you'd love for them to stay.
8. Get Familiar With the Market
Having a good handle on the rental market in Baltimore helps a property owner understand what renters want and maintain competitive rental rates. Continuing to deliver on what your residents enjoy about living in the area and your property encourages them to renew the lease.
9. Prioritize Good Communication
When it comes to keeping in touch with your tenants, make it a priority to communicate well. Your tenants will appreciate the heads-up repairs or maintenance, rental rate changes, or other important details that affect their tenancy and rental home.
10. Use Professional Property Management Services
Using the best property management Baltimore offers is the best way to manage these aspects of improving renter retention! From putting tenants through a rigorous screening process to offering input about the market, a professional property management company stays on top of it all.
The Best Baltimore Property Management Company Improves Renter Retention!
Keeping renters for more than one lease term is a crucial way to improve rental property returns. Apply these ten tips to your property management practices or hire the best property management company Baltimore offers! Rentwell offers property management services to help real estate investors manage renters and boost ROI.
Get our free guide that shows property owners "10 Things You Should Do To Increase the ROI for Your Investment Property."