Apartment Property Management Advice: How to Attract Tenants and Retain Them
One of the most common issues that apartment managers tend to experience is high turnover rates. Problems with turnover can detract from profits due to units being left vacant for an extended period of time. At Peaks to Plains, we are very experienced with these types of issues due to our years worth of business in apartment property management in Denver, one of the fastest growing cities in the country. That’s why we’d like to extend our knowledge to fellow business owners in the industry. Here are some tips and bits of advice from our experts on how to attract quality tenants and retain them.
How to Find Quality Tenants
- Know where to advertise.
The first step to finding good tenants is to advertise in the right places. By advertising your apartment property online, you can cast a wider net and be more selective with the tenants you choose. You may want to consider adding a list of requirements or preferences to your online listings to help eliminate less desirable applicants. If you’re not sure where to start, you could always consult with a local property management company.
- Screen applicants thoroughly.
Proper screening is essential to finding quality tenants. Your screening process should be thorough but also adhere to legal requirements. A property management company can help you with analyzing credit reports, criminal background checks, checking references, and obtaining documents for income verification.
- Ask for referrals.
Asking for referrals from tenants that have a good history of paying rent on time and being respectful to neighbors is another great way to find new renters. Plus, there’s no costs involved with using this method. If the leads don’t pan out, you won’t have suffered any financial losses.
Tenant Retention Tips
- Keep up on repairs & maintenance.
No matter how many viewings you schedule, if you don’t maintain your property, it won’t sell. A property that looks damaged or broken down indicates a red flag for renters and will likely earn a load of poor online reviews. Stay on top of repairs and maintenance issues to keep tenants happy and reduce turnover.
- Address concerns in a timely, professional manner.
When a tenant calls to complain, you should address their concern with empathy and respect. If they seem agitated, remember, their issue is not with you, it’s about some problem they’re experiencing with the property, whether it’s a parking concern or broken appliance. Address concerns promptly and make sure repairs are fixed quickly.
- Approach tenants early about their lease renewal.
Approach tenants a few months in advance about their lease renewal. Starting the renewal process early allows for more time for negotiations and may improve your chances for retention. Better retention usually means fewer vacancies and greater profits overall.
Consult an Apartment Property Management Company
If you’re having trouble finding tenants or are experiencing high turnover, you may want to consider consulting a professional. A property management company that’s experienced in tenant retention and procurement issues may be able to help identify your problem and find a solution. Peaks to Plains is an apartment property management company in the Denver area that specializes in multi dwelling unit management as well as tenant procurement issues. Call our office today to find out more about our services or receive an estimate.