There is nothing worse than losing a good resident to kill your cash flow. Advertising and maintenance work to get a unit rent-ready, plus showing costs are a few of the many hits your bank account will take when you have resident turnover. That doesn’t even factor in the lack of rent deposits during vacancy days. Real Property Management Pittsburgh has a few tips to help you keep your residents from moving on.
Properly Screen Applicants
After meeting a resident in person, it is important to complete proper screenings as part of processing an application. Background and credit checks will help you determine how reputable this potential renter will be. By thoroughly prequalifying future residents, you’ll avoid those who have questionable items in their past and who are more likely to be trouble residents. You may also want to check to make sure that they have the income to be able to afford your units, as that is a major reason why things don’t work out.
Avoid Above Average Rent Increases
Real Property Management Pittsburgh is aware of market standards when it comes to rent averages. While annual rent increases are common, the profits you make from hiking the rent regularly will not cover the costs of rental turnover if your residents become frustrated with rent increases. Keeping rent closer to par with the area averages will help keep residents around for a longer time. It is important to know the market that your rental unit is in and keep your rent at the right amount for that market. Real Property Management Pittsburgh has intimate knowledge of the Allegheny County rental market to price properties properly.
Promptly Respond to Resident Requests
Quick responses to requests for repairs and other such needs are a vital feature of good management. Real Property Management Pittsburgh knows that residents become disillusioned fast if management does not respond to complaints quickly. In spite of a myriad of other appealing features, a renter will leave if they feel a property is not managed adequately. Real Property Management Pittsburgh has 24-hour call centers to help with those unwanted emergencies that come at the most inconvenient times. Fast and proactive maintenance completed by professional people is also important for both avoiding bigger maintenance problems in the future and keeping residents comfortable in their homes right now.
Maintain Renter Relations
Open communication is key to maintaining long-term residents. The day a renter signs a lease should not be the last day they hear from you before moving out. Real Property Management Pittsburgh ensures that all residents know how to easily reach them in their time of need. Regularly touching base in a friendly, non-commercial way helps your residents develop a lasting relationship with you that will help them want to stick around. Also scheduling regular inspections at the time of leasing signing shows your concern for both residents and property.