For those investing in real estate with the intention of renting various units to tenants, it is imperative to increase tenant retention. Many property owners have fairly short vacancy cycles, but keeping them to an absolute minimum is a guaranteed way to increase revenue potentials.
Green River Property Management specializes in a variety of aspects related to property management, and we'd like to share a helpful guide for achieving shorter vacancy cycles.
Increase Tenant Retention
First and foremost, to achieve shorter vacancy cycles, you must work toward increasing tenant retention rates. Think about it. If you keep your current tenants, you don't have to worry about long vacancy cycles. Getting every tenant to renew their rental lease, however, isn't always possible. Even if a tenant is satisfied with the rental rate and the rental unit itself, sometimes, life changes require the tenant to move. Such changes often include a loss of a loved one, a change in employment, or the need for a larger unit.
A key to increasing tenant retention is to know the surrounding markets. Your tenants have more research capabilities at their fingertips than ever before. They will check to see if your property is outdated compared to other properties nearby. They will also check to see if your property is overpriced.
By staying up to date on the latest market conditions, you can increase rental rates competitively. Do keep in mind, however, to raise your prices, you also need to increase the number of amenities you offer. Put yourself in the shoes of your tenants and consider which amenities are most likely to appeal to them. By adding amenities and charging a competitive rental rate, you can quickly boost tenant retention.
Always Address Tenant Inquiries and Concerns
Even luxury rental properties face issues from time to time. From busted water pipes to broken dishwashers, these are all issues to address promptly. A good landlord will fix things on time every time.
It's essential to provide tenants with a simple way to communicate their concerns and inquiries. One of the easiest ways to achieve this goal is by offering them an online portal where they can create issue tickets, which not only streamlines the communication process, but it also makes it simple for you to stay on top of open and closed tickets. This type of service is what keeps tenants happy and shortens vacancy cycles.
Start Lease Renewals Early
Most tenants don't think about renewing their leases until their old lease runs out. By offering them early lease renewals, you are sure to shorten vacancy cycles.
Early lease renewals help you either get a renewed commitment to lease or enough notice to effectively market your property and find a new tenant without the property sitting vacant for a long time.
Hire a Property Management Company
Hiring a property management company is one of the smartest moves you can make as a property owner. Even better, you get to choose how involved you want the property management company to be. The services provider can take over all aspects of managing your rental units if you prefer.
Property management companies don’t get paid when units are empty, so they work to ensure each unit is rented at all times. Jacksonville property managers have access to today’s latest tools and marketing methods to get units rented promptly and for top dollar.
As a property owner, you’re only one person. With a property management company, you gain access to a whole team of property management professionals who excel in helping people just like you achieve shorter vacancy cycles. Imagine no longer having to concern yourself with attending to tenant inquiries. A property management company handles everything for you, including property maintenance, tenant screenings, lease renewals, and more.
Contact Green River Property Management Today
Green River Property Management can help you shorten the time your rental property stays vacant. We offer placement only as well as full services property management in the Jacksonville metro area. If you are managing your own property, check out our guide to hiring a property manager.