INSPECT YOUR UNITS
Summertime is the best time to not only add renter value, but also maintain the properties you manage/own. Efficiency is the number one cost-cutting advantage in the rental market. Going through every rental and doing simple additions can save thousands of dollars over time. Some of these are obvious, but it's also a great time to get eyes on the property to make sure that tenants haven't caused any undue stress on it. For example: 1. HVAC: Change filters (even if the tenant is responsible for it) and service the unit. 2.Water conservation: Change out old toilets, sink faucets and shower heads to low flow. 3.Electrical: Make sure to audit your common area electrical bills and use dimmers, photocells or Low E bulbs. 4.Storage: Add storage sheds if you notice tenants store too much in areas of high traffic and charge a fee. 5.Other: Fix and repair all deferred maintenance. For example, clogged gutters can lead to water retention that leads to ice dams in cold climates.
The summer is all about resident retention! To keep great tenants, be sure to answer maintenance requests quickly, keep the grounds clean, provide amazing customer service, maintain and upgrade the property appropriately, and most importantly, COMMUNICATE! The number one reason tenants leave is lack of communication from management. As their renewals approach, be sure to communicate with them 90 days in advance to begin the conversation. This is the perfect opportunity to gauge whether or not they will renew so you can possibly salvage a tenant who is considering leaving. If they DO stay, be sure to send them a congratulations/ anniversary letter applauding them for their long residency.
THE NUMBER ONE REASON TENANTS LEAVE IS LACK OF COMMUNICATION FROM MANAGEMENT.
INCENTIVIZE TENANTS TO MAKE THEIR OWN LIST OF ITEMS THAT NEED TO BE ADDRESSED.
Elizabeth Campbell Lysi Bishop Real Estate Boise, ID Connect with Elizabeth
Kaylee McMahon Investor and Founder The Apartment Queen Connect with Kaylee
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