As the end of the year quickly approaches, it is the perfect time for you to reflect on the success, or improvements, that were made during 2017 for your rental property. One of the most common pitfalls for rental properties concerns resident retention. Tenants may leave for a variety of reasons, but you can improve your retention rates in the upcoming year by checking out these tips.
While many other industries are in full swing preparing for the business that the holidays bring, far-too-often investment homeowners get comfortable or caught up in their own holiday plans, which can easily lead to management tasks slipping through the cracks.
However, the holidays can be the perfect time for homeowners to focus on their family and friends, making property management services even merrier this time of year. Don’t start the new year on the wrong foot with your residents if you have neglected important repair issues. This can often lead to tenants not renewing their contracts in the following year, then you are left searching for new tenants.
Many people establish New Year’s resolutions that they soon forget, but we encourage you to start good property management habits at any time of the year and stick with it to improve your retention rate.
Check out these two tips to start the new year with very merry residents:
1. Respond Promptly
Nothing is worse during the holiday season than waiting in long lines, only to receive less-than-cheerful customer service. While you are an investment property owner, it is important that you use a property management team that responds promptly, and does so in a professional and positive manner. This establishes a good rapport with your residents and influences their decision on where they will live next year.
2. “Holiday Hours”
Property management is a demanding job, with many repair emergencies happening in the middle of the night or outside of business hours, and on holidays. Both you and your tenants will be happy when your property management team continues this service through one of the busiest times of the year.
If you try out these tips this holiday season, then you already off to a good start in having higher retention rates for your new year. If you would like more information about property management services that Real Property Management South Orlando offers, contact us online or call us at 407-982-2000 today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.