3 Ways A Property Management Company Can Improve Tenant Retention
As a Tampa property management company, we understand the importance of high tenant retention for your investment property. Loyal tenants will pay their rent and pay it on time. They respect the property, because they have received great care living there. Improving tenant retention is all the more beneficial when the tenants who renew their leases are the ones who pay their rent like clockwork, keep their property in good condition, and honor their lease. With loyal tenants in place for a long time, you won’t experience the loss of rental income during vacancy periods, which should help boost your annual profit.
1. FINDING THE RIGHT TENANTS
Retaining loyal tenants begins with having the right tenant in your investment property. Your property management company in Tampa should have the experience needed to find the right match for your rental. An experienced company will screen all prospective tenants. A tenant is more likely to stay where they are if they can afford the rent and any possible increases. Tenants that have good credit and verifiable income are the ones who will often end up being long-term tenants.
2. OPEN COMMUNICATION
When it comes to retaining tenants, they are more likely to stay if they have an open communication with their property management company. A great way to communicate with tenants is online. Management companies that provide the ability for tenants to go to their website to make maintenance requests, update their emergency contact phone numbers, make their payments, and contact the utility companies from an online portal, will have a much easier time keeping tenants happy.
3. FAST RESPONSE TIME TO MAINTENANCE REQUESTS
Without the help of a property management company, it may be impossible for you to address the maintenance needs of your tenants, especially if you don’t live nearby. This can create a major headache for both you and the tenant, whereas a management company has access to a network of certified professionals who are available around the clock to address maintenance issues.
Call Wise Property Management today at (813) 968-5665 to find out how we can help with your property management needs or request a proposal.