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\u2019s why we\u2019d 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.<\/p>\n
\u00a0<\/strong><\/p>\n <\/p>\n 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\u2019re not sure where to start, you could always consult with a local property management company.<\/p>\n 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.<\/p>\n 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\u2019s no costs involved with using this method. If the leads don\u2019t pan out, you won\u2019t have suffered any financial losses.<\/p>\n <\/p>\n <\/p>\n No matter how many viewings you schedule, if you don\u2019t maintain your property, it won\u2019t 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.<\/p>\n 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\u2019s about some problem they\u2019re experiencing with the property, whether it\u2019s a parking concern or broken appliance. Address concerns promptly and make sure repairs are fixed quickly.<\/p>\n 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.<\/p>\n <\/p>\nHow to Find Quality Tenants<\/h3>\n
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Tenant Retention Tips<\/h3>\n
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