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There’s something we must admit: renting a condo unit is much different than actually Retaining the residents. It can be one of the most challenging aspects of rental property management. Why should you struggle to attract and retain high-quality tenants for a long time? Leaving aside all the time and effort you must spend to fill vacancies, securing a longer lease is more cost effective than finding new tenants every few months.
Since finding and keeping good renters for an extended period of time is by far the best way to maximize your profits, let’s take a look at some tried-and-true ideas for achieving resident retention success.
Table of Contents
Focus on Condo Functionality
Functionality isn’t only about embracing a proactive approach to maintenance and completing repairs within a reasonable time frame; it’s also about equipping condo units with different appliances and replacing them on a rotating basis so that you’re constantly providing a fresh appearance. In addition, you should pay attention to energy consumption. One way to encourage residents to renew their lease is to provide a comfortable living environment at minimal cost. How can you manage both sides of this tricky equation? For example by keeping the HVAC system in good working condition. An HVAC system that performs optimally will keep your tenants comfortable and reduce energy consumption, which will translate into lower utility costs. Also use energy efficient bulbs and appliances where possible.
Communicating with Condominium Managers
It’s advisable to provide at least one 24-hour emergency contact number and one email address so that residents can contact you without difficulty. When a tenant calls or emails you, you should respond as soon as possible. When you’re going on vacation, inform your tenants and designate a person they can contact in the interim. Magnum York’s emergency contact can be found here.
Consistent Property Rental
Always follow the guidelines outlined in the lease and maintain a professional relationship with your residents. Though friendly relationships are great, getting too close to your tenants can create a conflict of interest. Understanding a conflict of interest and the liability involved will help in providing guidelines and rules that you and your tenant can follow successfully.
Secure Real Estate Environments
Tenants expect to feel safe and secure in their condo units. Besides ensuring that all doors and windows have appropriate locks, no one else should have a key to a tenant’s apartment. In addition, the entire building should comply with the Fire and Building Safety Code. Since residents also want to feel safe outside the building, ensure that outdoor areas are free from hazards and well lit.
Managers Consider Tenant Requests
Considering your residents’ requests will make them feel respected and valued. For instance, if a renter tells you that a condo unit is too small and you have another one that may comply with his space requirements, offer it to him.
Opt for Long-Term Leases with Magnum York
Long-term leases are the lifeblood of high profit margins. For instance, a five-year lease with rent increases every year will bring you more money than a one-year lease with a resident who has no intention to renew the tenancy agreement.
Resident Screening is Part of Magnum’s Service
Screening applicants is critical to ensure they’re reliable. A few things you should check are their current job status, income, credit score, and criminal and civil records. In addition, you should ask applicants why they’re leaving their current apartments and what habits they have to ensure they won’t disturb other tenants.
Understanding the “Bottom Line” Equation
Regardless of what amenities you provide, a successful resident retention strategy always comes down to building a solid professional relationship with your residents. Focusing on this aspect will allow you not only to achieve your short-term ownership goals but also to financially stabilize your property over the long term.