experiencing long vacancies or having difficulty collecting rent, you can address both issues by upgrading your marketing and screening processes. On the marketing side, using professional materials, quality photos, and a virtual walk-through of your property are important for drawing the kind of tenant you want. Of course, you should first identify who your ideal tenant is and then customize your marketing message to appeal to them. You also need to advertise in places where your ideal tenant spends time. In some situations, you may still be able to get away with simply sticking a “For Rent” sign in the window and placing a classified ad in the local paper. But for many property owners, reaching tenants will mean going digital, using social media, websites, and online rental listings. Consider using a quality property management company like Real Property Management, equipped to take care of activities like these far more thoroughly than most individuals. Similarly, finding a quality tenant depends on a thorough but efficient screening process. It’s important to collect information and check an applicant’s criminal and financial background as well as to reach out to their references and prior landlords. The more carefully you screen beforehand, the more likely your tenant will be the responsible renter you’ve been hoping for.
ROI, it’s important to encourage your tenant to stay in your rental home long term. Reducing tenant turnover and vacancies is a key part of maintaining positive cash flows since both eat away at your rental income. So, how do you encourage a tenant to stay? One effective approach is to cultivate a positive, professional relationship. Studies have shown that when a tenant respects their landlord and has a history of positive interactions with the landlord, the tenant is far more likely to stay in a rental and renew their lease. Some of the key elements of good tenant relations include: ▷ FREQUENT, POSITIVE COMMUNICATION ▷ OFFERING DIFFERENT WAYS TO STAY IN TOUCH ▷ SETTING CLEAR EXPECTATIONS ▷ TREATING YOUR TENANTS—AND THEIR TIME—WITH RESPECT; ▷ BEING AVAILABLE AND RESPONSIVE TO THEIR CONCERNS ▷ OFFERING CONVENIENT WAYS TO PAY RENT In these and other ways, you can foster good relations with your tenant and maximize your investment’s return. PROFESSIONAL PROPERTY MANAGEMENT As you can see, ensuring that your investment rental property will pay off takes both time and work. Owning and effectively managing one or more rental properties is a real job, one that takes a range of know-how and skills.
For this reason, a great way to maximize your ROI is to hire a professional property management company like Real Property Management. Not only will a quality property management professional have detailed knowledge about the rental market they can use to your advantage, they can also help you handle everything from maintenance to tenant relations and beyond. A good property management company will also be able to recommend how to improve your property, increase your rental rate, and reduce costs. Having the right professionals on your side can be one of the best ways to ensure the long- term profitability of any rental property. For additional questions regarding residential property management,
or to inquire further about services, contact the experts at Real Property Management. www.realpropertymgt.com/. •
Real Property Management, its members, officers, directors, owners, employees, agents, and representatives are not investment, financial, or tax advisors. All information provided herein is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. All information included herein is of a general nature and does not address the circumstances of any particular individual or entity. There are risks associated with any investment.
CULTIVATE POSITIVE TENANT RELATIONS
Of course, finding a good tenant is still just step one; to maximize your
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