Avoid the hassles and costly time consuming process of evicting a bad tenant by having a good tenant to begin with. It’s important to screen all prospective tenants carefully before bringing them on as a tenant.
Conduct the necessary research to minimize the risk of receiving a bad tenant. Be sure to investigate the financial history of prospective tenants and be wary of any red flags that might appear. There are also numerous stand alone tenant screening services and bad tenant databases to use, however, experience is the best method to detect the signs of a tenant who may seem good initially but will be trouble in the long run.
In order to attract and keep good tenants, your property will need to have a track record of being well managed. It is important to do whatever you can to limit tenant turnover because it costs time and money to place a qualified tenant. Tenant satisfaction should be a high priority.
A property manager provides the experience and efficiency that gives your property the edge in a competitive market. Ask prospective management companies questions such as, “What is your average turnover rate?”. The answer to this question can help determine if you could benefit from their experience in this area.
Strong tenant retention numbers are the result of consistent, quality service and a pre-planned tenant retention program. A tenant retention program can start small and include inexpensive things such as seasonal greeting cards and minor amenities that let tenants know management cares.