Keeping great tenants is the key to finding success with rental properties, but how do you do so?
Leasing management can be challenging in many ways, especially when you invest in several properties. However, knowing a few strategies to retain your tenants can help you avoid a plethora of problems.
Here at PMI Atlanta OTP, we help all kinds of investors maximize profits with real estate. We understand how difficult it can be to build good relations so we've made this guide with a few essential tips.
Here's what you need to know about retaining tenants in an Atlanta, GA investment property!
Set Favorable Lease Terms
One of the best ways to keep great tenants is to set favorable lease terms. You can do this by reducing the number of rules you have and giving tenants more freedom over the property.
For example, if you own a rental property, you can allow tenants to own pets. Not only will this make current tenants happier, but it'll also be easier to attract new ones.
Maintain the Property
Rental property maintenance is crucial for ensuring your tenants are satisfied. Without investing in it, your tenants may not be able to get the most out of the properties, and their health may be at risk.
You don't have to hire cleaning companies, but you should perform property inspections to verify that everything is working properly. Whenever a tenant reports a problem, take care of it as soon as possible, and if something gets damaged, pay for it if it wasn't their fault.
Respect Your Tenants' Privacy
Keeping great tenants revolves around building a connection with tenants. However, you should never invade a tenant's privacy, regardless of what your relationship is like.
If you need to do something at a property, ensure the tenant is okay with it. For example, if you want to conduct a property inspection, ask the tenant if they're okay with you entering the property. Showing up unannounced will only make a tenant feel uncomfortable.
Invest in Tenant Screening
The last thing you can do is invest in tenant screening to guarantee you get great tenants from the beginning.
Tenant screening involves using a variety of strategies to verify whether someone will make for a good tenant. Some of the most common strategies include background checks, interviews, and thorough rental applications.
When working with a property management company, they can take care of the entire screening process for you.
Dominate Leasing Management with Our Services
Now that you know how to overcome one of the greatest challenges of leasing management, it's time to work with a company that can help you expand your portfolio.
PMI Atlanta OTP has all of the tools you need to be a successful investor. Whether you want to invest in commercial or residential properties, we'll ensure that they stay in good condition and that your tenants are satisfied.
Are you ready to get the most out of real estate?
Contact us now to start using our helpful services today!