Many property managers, landlords and real estate investors forget that in order to succeed in rental property business it is important to keep your rental properties occupied. You want to make sure that the turnover of your tenants is low and your residential rental properties are always occupied.
A residential rental property with high occupancy rate not only puts more money in the pockets of owners but it also significantly increases the value of the residential rental properties. So there is significant incentive to keeping properties occupied and increasing the cash flow of the property. The key secrets to keeping tenants happy, satisfied and enjoying their experience and thus renewing their leases are:
1. Property Manager is monitoring the local rental market and adjusting rents and incentives
2. Ensuring that property has curb appeal so that it looks better than its competition
3. Keeping up the property and responding to maintenance requests quickly
4. Respecting tenant’s privacy
5. Fair and consistent rules, policies and their enforcement
In a competitive rental market, attracting and retaining tenants is key to success in residential rental business. In order to improve your property management, follow these 5 well known secrets and you will be putting more money in your bank account