The strategy to a profitable Orlando rental home is to attract high-quality tenants and to retain them. This includes finding prompt-paying tenants who take care of the property and also get along well with the families and people in the area. But just because you’ve found people to fill the vacancy, it doesn’t mean the work is over. One of the more serious errors a property owner can do is to drive away those tenants due to neglect or failure in communication.
It’s a fortunate thing that there are plenty of strategies that the owners can implement to retain high-quality tenants. Possibly the best strategy is to foster good relations with the tenant by dropping in from time to time and checking up on them. Good tenant communication can go a long way toward a happy, satisfied tenant.
This strategy does well when it is combined with a second but equally crucial approach: being proactive about the maintenance and repair of the property. Tenants want to live in a well-maintained home and they really like it when the landlord not only answers repair requests quickly but also performs maintenance regularly without having to be asked. A property owner who sets the example of following good property maintenance practices will inspire their tenants to step up to do their part as well.
Another thing that can be done, besides regularly scheduled maintenance, to enhance tenant retention is to involve the tenants more directly in taking care of the property. Try asking the tenant how they like the rental home and if there is something they want to be serviced or repaired. There are some owners that don’t want to ask such questions. They believe that the tenants will ask for unreasonable repairs or costly replacement items. But think about what the other option is: if the tenant leaves, you’ll be paying so much on trying to find a replacement and making preparations to get the place ready for a new tenant. You’ll surely spend a lot more than if you just buy that new washing machine (or carpet, or sprinkler repair) that they requested.
In the event that a quality tenant is considering the option of moving, try to figure out the reason why; then try to see if you can offer them anything to convince them to stay. Usually, if a tenant is moving to a different rental house in the same neighborhood, there’s a specific reason that can be countered or an obstacle that can be overcome. Remember, keeping a quality tenant is a far more profitable strategy than operating a revolving door rental house.
After all, tenant retention is an art that can be acquired and improved over time. The good news is that the Real Property Management Freedom experts can help. We know what is required to find and retain the best quality renters in Orlando. We make healthy tenant relationships look easy and can take care of the day-to-day communication for you. If you want to know more about how we can help you with tenant relations, don’t hesitate to contact us online or call us at 813-867-2667.
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