Take a moment to calculate your tenant turnover rate, and you'll probably be shocked at how much it's costing you. Not only can renters leaving increase costs, but it can also hurt your reputation as a landlord.
The best way to keep your turnover rate low is to keep your tenants happy. And you can do so by being strategic. Ultimately, if you focus on the right things, it'll be a win-win situation for everyone.
For some help, read on for some leasing management tips to keep great tenants in your Phoenix investment property.
Provide Excellent Services
There's nothing more that your renters will appreciate than clear communication. You should be available through multiple channels, such as the phone, email, text, or a property management platform.
Not only should you be available, but you should be responsive and attentive too. When your tenants have maintenance requests and issues, address these things promptly to keep them happy.
Perform Regular Maintenance and Upgrades
Keeping up with rental property maintenance will have several benefits. You'll encourage current tenants to stay, attract potential renters, and keep your property in excellent shape too.
Conduct regular inspections to identify and address problems quickly. You should also make improvements that'll enhance your tenants' quality of life, such as getting new appliances, doing landscaping, or adding rental property amenities like washers and dryers.
Offer Fair and Competitive Rent
On average, an apartment in Phoenix costs $1,558. This means you should price your units slightly below, as this will attract renters. Of course, you should do more research into what similar properties are charging, then adjust your rates accordingly.
In addition, you should consider offering incentives like a rent freeze for the first year or longer lease terms.
Have Flexible Rental Property Lease Terms
Speaking of lease terms, it's worthwhile to offer flexible ones. You can have anything from month-to-month to longer leases to accommodate your tenants' needs.
Whatever you choose, ensure that the lease agreements are clear and comprehensive. This can prevent misunderstandings and disputes.
Respect Your Tenants' Privacy
Even though you own the property, the units are your renters' private spaces. No one likes being intruded on, so do your best to make your tenants comfortable.
Plus, you're required by law to give proper notice before entering a property for inspections or repairs. Make sure you read up these to avoid angering your tenants and breaking the law.
Improve Your Leasing Management
It's your duty as a landlord to have great leasing management skills. Doing all of the above will help ensure that your favorite tenants will stay in your units for longer.
Of course, it can be difficult to manage everything on your own, especially if you have multiple properties. To lessen your burden and to free up your time, consider hiring a property management company. These experts can handle all the tedious work so you don't have to.
For a quality company in Phoenix, contact us today. We at PMI San Tan are locally owned and independently operated.
