It may be the return of warm weather or the greater freedom allowed by the end of the school year that makes this the time of year when rental properties are in the highest demand. If you’ve been in property management for even a little while, you know turnover season is here.
According to Real Property Management, the average cost of a rental property turnover is equal to three months’ rent. Streamlining your turnover process can make a huge difference in losses or gains during this busy time of the year. Consider these four tips for making the process less painful: (more…)
Though time-consuming, finding tenants for your property owners is of paramount importance. You need to prioritize key selling points to garner quality leads and then deliver with a positive living experience in order to maintain tenants and reduce turnover.
According to Invesp’s Khalid Saleh in an article entitled, “Customer Acquisition Versus Retention Costs,” attracting a new customer is five times more expensive than retaining an existing one. Additionally, the article indicates that 44 percent of companies focus more on customer acquisition versus 18 percent that focus on retention.
The following five tips aim to strengthen renter retention. (more…)
Thinking about a tenant’s move-out process before they even move in may feel like putting the cart before the horse, but property owners and managers should use the pre-lease interactions with a prospect to clarify aspects covering the entire life of the lease. Smart planning and precautionary measures now will help contribute to an easier – and cheaper – transition at the end of the tenancy. (more…)
In property management, problem tenants are an unpleasant but sometimes inevitable part of life. While a strong tenant screening solution helps to sift out bad applicants and protect your business, some troublemakers will still find their way to your properties. Someone who screening shows to have always been a reliable rent payer might hit hard times and begin paying late. A despondent tenant might decide the right therapy is to paint the walls neon pink and get a pet potbelly pig. And no screening system yet can detect the chronic complainers who will drive you insane with their demands. (more…)
While some prospective tenants fall in love with your property immediately, most approach with a bit more caution. They will ask a lot of questions, including some that may deviate from the standard script. These renters have typically done their homework about the neighborhood and community, and they require a bit more assurance before they will sign a lease. However, cautious prospects often make very good renters because of their attention to rules and details, so be patient with them. (more…)
The explosion of software apps has made property management infinitely more efficient, accurate, profitable and even enjoyable. Many of the headaches and hassles traditionally burdening property management professionals have been solved in the cubicles and break rooms of today’s industry-leading software companies. (more…)
While other industries adapted quickly to online payment systems, many property management companies still insist on paying and receiving money with old-fashioned paper checks. However, as more millennials – some of whom have never even written a check – move into rental housing, wider ranges of payment options have gained traction. Online payment systems deliver so many benefits, among them:
- Offering tenants a welcome convenience
- Reducing late rent payments
- Slashing time spent processing payments
- Simplifying the accounts payable and receivable processes with vendors and owners
You have overcome the first hurdle of property management by attracting high-quality tenants. Congratulations! Now, you approach the second and possibly most difficult hurdle: retaining quality tenants in your property after they sign the rental agreement. What positive steps can you take to ensure that your rental property tenants remain satisfied?
Read on to discover some of the possibilities. (more…)
We’ve all heard the dreaded “The check is in the mail” line on rent week. It is so cliched, that it is cringe worthy, but sometimes true. Even the most reliable tenant forgets or experiences tight finances, necessitating a last-minute dash to the post office or to your office to pay rent on time. Unfortunately, that is not the end of the most hectic week of the month. The hours spent logging the checks and making the trip to the bank for the deposit – and you’ll be lucky to do it in one trip – adds unnecessary strain to your busy life. With broad and easy access to technology, a better way exists for both you and your clients. Switching to an online rent payment system can be a scary proposition, but the payoff in time and money is well worth a little effort in the beginning. (more…)