Posted on: 25 July 2018
When you own rental properties and manage them yourself, you may reach a point where you cannot handle all the duties and responsibilities by yourself. At this point, you could reach out to a property management company for help. These companies help landlords with all the duties and tasks relating to the rental property business, and this includes marketing to tenants and tenant retention.
What is tenant retention and marketing?
Tenant retention and marketing are two responsibilities landlords have and both relate to keeping the units occupied. Tenant retention refers to the responsibilities of doing everything possible to keep good tenants in their units, while marketing refers to the efforts the company makes to advertise unoccupied units. Both tasks are vital for the success of a rental property business, yet both tasks can be time-consuming as well.
How do property managers market units?
You should ask a property management company about the methods they use to market units, and you should find out how effective these methods are. A good way to find out if a company's methods are effective is by asking them what their vacancy rate is at. A low rate will show that a property manager is great at keeping units occupied, and this will be due to effective marketing efforts on their part.
How do property managers retain good tenants?
You should also talk to the management company about tenant retention. Tenant retention is vital, because good tenants are hard to find, and keeping tenants in their units reduces the turnover rate. Many property managers focus on tenant retention by offering great and fast services when needed and by regularly addressing the needs, concerns, and problems tenants have. They may also retain tenants by avoiding rent increases or by giving tenants plenty of notice that there will be rent increases in the future.
When you have good tenants, you will want to keep them, and that is the main reason tenant retention is such an important subject to focus on when you own rental properties.
If you cannot take care of all the duties of your rental properties, you should hire some of the work out. An HOA management company can take over the duties listed here and others in exchange for a fee each month. You can learn more about the services offered by property managers and the fees they charge by contacting a firm today.Share