Retaining good tenants is key to successful property management. At Deca Realty, we know decreasing tenant turnover will increase your ROI and save time. It will also save lots of expenses like advertising, background checks, and unit turnover which could include cleaning carpets, repainting, and repairing as well.
Property management is a lot of hard work. On top of maintaining the property, you have to make sure the property is rented. Here is a short list of tasks for every property managers.
- Market the properties
- Advertise the unit
- Show it
- Hold open houses
- Collect and process rental applications
- Conduct background checks for prospective tenants, and coordinate
- Coordinate move-ins and move-outs
At Deca Realty, we know good property management saves everybody time and money. There are so many little ins and outs to be considered.
Be Thorough with Background Checks
We screen applicants like your income depends on it (because it does). Bad tenants end up needing to be evicted, usually after a period of missed rent payments. This costs you time, missed income, and ultimately legal fees. Red flags for potential renters include things like house-hopping (many addresses in a short period of time), bad previous landlord references, or not listing any references.
Not leasing to bad tenants can save you property damage costs, and it can also help you keep the good tenants you have—who wants to live next to a bad neighbor? Good renters won’t stick around if their neighbors are disruptive, messy, engaging in illegal activity, or are just plain rude.
It seems counter-intuitive to the “avoid turnover” rule, but it will save you time and money in the long run by helping to avoid property damage, possible evictions, and running out good tenants.
Get to Know Your Tenants
We make every effort to get to know our tenants, as best we can. Some days the people traffic in and out of the office is pretty high. But over time we do get to know them. We consider this part of our job as property managers. But we are also committed to caring about the people with whom we do business. Deca Realty is family owned and operated. We treat our tenants and their families the same way we would like to be treated.
Our tenants are often surprised when we remember details about their lives. It sets the stage for a much friendlier conversations, should we have to contact them in the future, no matter the reason.
Prioritize Good Communication With Tenants
On the topic of listening, good communication is a skill to be practiced at all times. Responsiveness is the number one tip here. If there is a need for a repair on a property, we treat it like our own home. Would you put off fixing a leaky shower until tomorrow? No—you need to use it before going to work. Would you wait to fix the heat in the middle of winter?
Absolutely not—you don’t want your kids to get sick. We treat our tenants with the same respect.
Deca Realty has one of the best maintenance teams in the business. Because we have a qualified, experienced maintenance staff, we can respond quickly at the first sign of a problem. As the property owner, you don’t have to worry about finding the “right” repairman, or combing through a list of names you may or may not know. And a delay in a repair usually makes things worse. Our maintenance team is a big benefit for our property owners. And responding in a timely manner is a big benefit for our tenants.
Stay Updated on Market Trends
You could have a wonderful relationship with your tenants, but if your property is outdated or overpriced compared to available property down the road, they will move. Stay aware of what other nearby competitive properties are charging and why, and be familiar with how their amenities compare to yours. If you need to make adjustments, do so within your financial plan. If you have questions about the St. Louis area rental market, you can always contact our office with your questions.
As your property management company, we try to build good relationships with our tenants. We show them respect by being accessible when they need us, and being prompt when it comes to the repair and upkeep of the property.
Vacancies are bad for business, and good tenants are hard to find. The costs don’t go away just because a unit is vacant.
Are you looking for a reputable company to handle your rental property? Call us today and inquire about our property management services.