Property managers usually face an uphill task of retaining tenants, especially in apartment properties. Even if the vacancy rate is not high, there seems to be frequent changes in tenancy, which ultimately cuts into the profitability. The main reason for this is discontent amongst tenants, arising out of some common complaints.
If property management can effectively tackle and resolve such complaints, tenants will be satisfied and will not want to shift to other properties. According to studies the most common complaints of apartment tenants are:
o Lack of proper upkeep of the common areas
o Disorganized property management and poor interaction with staff
o Poor or no response to maintenance complaints
o Lack of parking space
o Security issues
o Poor lighting
o Issues with pets
o Negligible preventive maintenance
o High rent
Amongst these complaints, poor maintenance of the property and higher rental rates were the main issues for most tenants. Many property managers fail to implement a system for preventive maintenance, which results in many breakdowns and repairs happening at the same time. The normal upkeep of the common premises also suffers due to poor maintenance procedures. Coupled with all these problems, if the rent rate is high compared to the competition, many tenants will be dissatisfied and trying to find a property offering better service and lower rental prices.
Apart from implementing effective preventive maintenance procedures, property management has to ensure that all tenants receive outstanding on-site service. Such a policy is not difficult to implement and certain changes can make a major difference. Here are some practices that will ensure tenant satisfaction.
Open Channels of Communications
Tenants should have easy access to air their issues with property management. Open up various channels for tenants to get in touch with the property manager and staff. The manager and staff should also take a proactive approach and try to connect with tenants, without being too formal and at the same time retaining a professional approach. Once tenants are given a chance to air their issues, half the problem is solved.
The property manager and staff need to be more responsive, and keep tenants informed about the status of their complaints. When the complaints are not resolved, and tenants do not know what is happening, they are likely to get frustrated and cranky. Whereas, if they are kept in the loop and informed how the resolution process in progressing, they are happier with the knowledge that something is being done about their complaint.
Resolve Issues Quickly
A proper property management system should be implemented, which ensures quick resolution of complaints. Being responsive will not help, if the property manager takes a long time to resolve problems on a regular basis. The manager should be able to identify the possible maintenance issues and have a service team or contractors ready. Most times the delays are due to lack of availability of professional people to conduct the repairs.
Once property management is able to establish marvelous delivery of service, the issue of higher rental rates will take second precedence, and tenants will be more inclined to remain on the property.