America is a country full of incredible investment opportunities. Standing out among those opportunities is owning rental properties. As a matter of fact, almost 40% of the country are renters meaning ample income potential for those willing to take the leap and become landlords.
Unfortunately, there’s more to renting property than making an income.
There are laws you need to keep up with, fixes you need to manage, and of course, there are tenants.
Without tenants there’s no money and finding good ones is costly and time-consuming. An apartment property management and home property management agency can help to that end.
With a property management agency by your side, you can be sure your retention rate of quality tenants will improve big time!
Here are a few reasons why!
1) Timely Maintenance
Let’s face it, if you’re managing your rental properties and your personal life, it can be hard to get around to tenant requests. The longer you take, the more likely a tenant is to take their tenancy elsewhere when their lease/rental term is up.
With apartment property management and home property management, all tenant requests will go directly to the property management team. These teams already have contractors they work with lined up and ready to come out to service units as soon as the same day.
That immediacy means more satisfaction for your tenants and more time they’ll spend in your property.
2) Good Pricing
Pricing your property correctly is a difficult task. You need to take into account market conditions, demand, what comparable units are going for in the area and more.
If you’re maintaining steep, noncompetitive pricing in a down market, tenants will almost certainly move to a nearby rental more in line with current conditions. A good property management agency is an expert in the area they operate in.
They can immediately deduce the most opportune pricing and when it comes time to re-up lease/rental agreements, adjust the rent to get you the maximum value and keep good tenants in place.
3) Background Checks
Checking credit and criminal history are both important factors of the rental process. Tenants with negative history often pose a greater risk to your property and are at higher risk to move around more often.
Fortunately, apartment property management and home property management agencies know how to pre-screen tenants in a way that makes sure only quality, qualified people make it into your home.
That means your tenants will be more likely to stay for longer periods of time from the moment they sign their lease/rental agreement.
4) Modern Payment Processing
More and more, payment is going digital. As a matter of fact, half of the millennial population have never used checks at all.
Because of that, being able to offer things like online portals or mobile payments is becoming imperative. Keeping up with technology may not be a strong suit of yours. A good apartment property management company though is always on the cusp of what’s new.
The amount of payment options offered through property management to tenants increases convenience. That leads to more timely rental payments. It also lowers the chance tenants will vacate looking for a rental property that more closely accommodates their needs.
5) They Communicate
When tenants have questions or problems, they want to speak to someone right away. If you’re not dedicating 8 hours a day, 5 days a week to being available to answer your phone when your tenant needs help, that’s a problem.
More often than not, tenants will look for a property owner who offers them immediacy when they have needs. If you can’t be that person, in today’s competitive rental market, someone else will be.
With property management, your tenants have someone they can contact regularly. That means a reduced risk of tenants needing to wait for someone to get back to them and a higher level of tenant satisfaction.
6) They Keep Your Property Looking Good
Even when your tenants aren’t asking for an emergency maintenance, there are still things that need regular maintenance to keep your property looking good.
Groundskeeping, for instance, will require a regular visit from a gardener. Carpet changes will require tending to every few years so. Walls may need touching up.
You get the picture.
With a property management company in your corner, they will always have their finger on the pulse of the condition of your property. That means, even without being asked to do so by an upset tenant, they’ll take action to keep the condition of your space sharp.
That consistent care for your apartment or home will instill in tenants the feeling that you care about them and their living conditions. That will translate into a longer tenancy.
Summarizing How Apartment Property Management and Home Property Management Can Improve Tenant Retention
There is a tremendous amount of opportunity in renting properties. There is also a tremendous amount of responsibility.
A property owner’s ability to handle responsibilities surrounding their tenants in a timely manner will have a profound effect on tenant turnover.
To keep good tenants in your property for as long as possible, we recommend hiring a property management company.
They’ll perform maintenance quickly both by request and as it’s needed over time. They’ll keep your pricing competitive. They’ll also background check and be available to address tenant questions and concerns.
That full-service combination will noticeably reduce your need to seek new tenants and lead to more consistency in your income!
Do you own a rental property/properties in the West Los Angeles, Santa Monica, Pacific Palisades, or Brentwood areas? If you do and are looking for a reputable apartment property management and/or home property management agency, look no further than Westside Property Management.
At Westside, our family owned agency has been helping property owners reduce rental related headaches and increase their revenue for nearly two decades.
Let us do the same for you!
Contact us today about your property needs and we’ll let you know how we can help!