Retaining Residents in Property Management
One of the most challenging tasks in property management is retaining loyal and reliable tenants. It is also less costly to maintain a current resident than to locate and approve a new tenant. Even though renting is usually transient activity for most people, since they may be looking for a place to buy, it still makes sense to retain fantastic tenants for as long as possible.
One of the points acting in favor of the property manager is that tenants also do not like the idea of moving frequently. However, unless the tenant is kept happy there is always a good chance of losing the tenant. Therefore, the property manager should provide good reasons to the tenants for staying where they are, and this can be accomplished by considering the following points.
Maintaining the Quality and Aesthetic Appeal of the Property
One of the major tasks of property management is to maintain the looks of the property, and this can become a major issue with many tenants. The usual complaint of most tenants is that the property went “downhill”, meaning it does not look as good as it looked before. The property can lose its appeal due to many reasons. It could be poor ways of disposing trash, neglecting the landscaping, not painting the structures on time, or selecting some bad tenants.
All tenants consider the rented property their home and nobody would like to enter premises where there is trash scattered around, the walls have peeling paint, or the neighbors are a suspicious lot. Hence, the property manager has to ensure the property is kept aesthetically pleasing and there are no evil or malicious tenants.
Property managers can become quite unresponsive to tenant requests and complaints, when they have to handle this task on a daily basis. However, this is one of the major reasons for tenant dissatisfaction, which eventually leads to the decision of leaving.
The property manager and support staff should respond promptly to requests from tenants, resolve maintenance and repair issues, professionally and quickly. If it is not possible to attend to a tenant’s request, the manager should take time to explain to the tenant why the task could not be performed, instead of simply ignoring the tenant.
Keeping Tenants Involved and Informed
A property can be managed more effectively when it is taken to be a community. Hence, a property manager should promote community activities and make sure all tenants participate in these events. Holding monthly or bi-monthly parties, yard sales or sports events are great ways to bring the community together, where all tenants attain the opportunity to interact with each other. It is also a salient idea to publish a newsletter through which tenants are kept informed about the various activities taking place on the property. The newspaper can also serve as a platform for providing information about new rules and regulations.
Avoiding Changes in Staff
Tenants usually are attached to staff members, and do not like to see a new face frequently. Hence, it is important to maintain the same staff as long as possible, and reduce staff turnover.