By Steven Ritter
Jacksonville, FL property management is not unlike property management just about anywhere else. Tenants around the world have essentially the same needs when it comes to their home rentals. Property managers and owners who can navigate the needs of their tenants will have happier, longer-lasting tenants who make renting a property easy. Here are some ways you can increase your chances of retaining tenants.
Perhaps you’ve decided that you don’t mind if a tenant moves out. Whether they were difficult to work with or you want to make some more money by charging a higher rent. Before you decide to let a tenant go, consider the actual costs of acquiring new tenants.
When a tenant moves out, it usually takes about one month to fill their vacancy. The process for filling that vacancy, from marketing the property to move-in prep and more, will result in costs that you will have to absorb as the property owner. On top of that, at times necessary property maintenance, such as heavy cleaning or painting, will cost you. Plus, utilities, and other concessions may have to be paid by you when your property is vacant. For most properties, this can mean thousands of dollars in lost income. The point is retaining tenants is almost always going to result in higher profits.
As a property owner, you’re a service provider and your primary job is to serve your tenants well. By doing so from the very beginning of your relationship with your tenants, you’ll earn their respect and goodwill. Ensure your tenants’ new home is clean before they move in. Help them navigate setting up the utilities. Give them a thorough tour of the home, pointing out any small details that will make their lives easier. The old adage, “pay it forward,” is something that every property owner should remember when it comes to delighting and retaining tenants.
Earn their business by communicating their value and your desire to retain them long before move-out time. If tenant retention is your goal, start having some casual dialogue with your tenants at least 60 days prior to their move-out date. If things are going well, let them know. Let them know that you value their business and want to work with them to make their home great. Some good ol’ fashioned customer service will go a long way when it comes to tenant retention. If you bring up retaining your tenants before they start shopping around for a new place to live, your chances of retaining them will be much higher.
By pursuing a new tenant, you may be able to get more cash after you’ve acquired that new tenant, but there are several things you may be sacrificing by switching tenants. For example, even if your relationship with your current tenant is a bit rocky, you may still salvage it and save up to several thousand dollars by retaining them instead of enduring a transition period. Also, your current tenant may cause you some difficulties, but you never know what a new tenant will present. Sometimes it’s better in the long run to endure some challenges rather than risking enduring many down the road. In other words, it may be better to stick with what you know.
Prepare to retain your next tenant before they move in by upgrading your property. Investments in appliances, new carpet, new windows, new doors, etc. will make your next tenants happier and could save you money in the long run.
Maintain Your Real Estate Investment
Well-maintained property gives tenants a rock-solid reason to stay. If you take care of your investment by properly maintaining it, your tenants will continually choose you. Handle repairs quickly and always be on the lookout for ways to improve your property.
Playa Realty & Management makes it easy for property owners to retain tenants by providing simple solutions for acquiring new tenants, property maintenance, rent collection, owner payment, and much more. For a simple solution to tenant retention in Jacksonville, FL, contact Play Realty & Management today.