One of the biggest challenges landlords and property managers face is getting good tenants to stay. After all, you’ve likely invested a good deal of time, energy and funds into filling your vacancies. The last thing you want is to have to do it all over again in a few months’ time. But you can’t effectively encourage them to stay unless and until you know what’s driving them away. Let’s take a look at a few of the biggest reasons good tenants leave so you’ll know what to avoid in your own properties.
Inflated Rental Rates
You may have spent a lot of money fixing up your property, but that doesn’t mean you get to charge rent that exceeds the market rate. If your rates aren’t competitive, you’re going to find it difficult to keep or even get good tenants – especially if your properties are located in an area where there are plenty of other available options.
Pay attention to local trends, and even if a rent increase is justifiable and comparable, be careful to do it in smaller increments over time. One big hike all at once is sure to send some of your better tenants packing.
Living in close proximity to someone who is loud, intrusive or generally obnoxious can be a miserable experience. To prevent escalation of issues and help keep the peace, you should make yourself fully available to any and all tenant complaints. Furthermore, you should deal with those complaints promptly and effectively.
Nobody enjoys managing conflict, but it’s a necessary evil in the property management industry. Show your good tenants you care and that you want them to stay by taking their complaints seriously and taking action when needed.
What may seem like a minor issue to you – especially given the busy schedule you’re already juggling – may actually be a significant issue to your tenant. For example, to you, that dripping faucet can probably wait until you’ve got more time. But to the family living in that unit, having to listen to the incessant “plunk” of water droplets hitting the sink, day in and day out, can be maddening.
By ignoring or delaying maintenance and repair requests, you could easily be driving your best tenants into the waiting arms of another landlord across town. Besides, not only will fixing minor issues promptly make your tenants happy, but it could also help prevent bigger problems down the road. For instance, fixing that leaky faucet could end up saving you thousands of dollars in water waste and damage.
Landing great tenants is really only half the batter. It’s keeping them happy and in it for the long haul that’s the real challenge. By knowing the top reasons good renters leave, you can take proactive measures to avoid those situations in your own properties.
Property management software can help with all three of these issues by streamlining the rental payment process, keeping the lines of communication open (and easy) and making the maintenance and repair process run smoothly. To see these and other features in action, click here to schedule a live demo.