In a survey, 95% of landlords and 87% of renters said they could get along and coexist peacefully with one another. While these numbers are extremely high, sadly, the reality is that it's tough to find excellent landlords and tenants.
You might already be doing your best to be a fantastic landlord, so what about the other half of the equation? Needless to say, once you've got excellent renters, you have to do everything in your power to entice them to stay.
Here's some leasing management advice you can use to keep great tenants in your Brea, CA property.
Maintain Your Property
If your property's not in good shape, you'll fail to attract new tenants, much less keep your current ones. This is why you should protect your investment and keep it in great condition.
When your renters make maintenance requests, respond with rental property repairs in a timely fashion. You should also prevent disrepair by having regular inspections. You can prevent larger, more costly issues from developing.
Keep the Rent Competitive
Vacancy rates are rising in Los Angeles County, so you need to adjust your strategy to accommodate that. While in the recent past, you could raise the rent and still get tons of applicants, this may no longer be the case.
So take a look around and see what other landlords are charging. Set your rate slightly lower to encourage your current tenants to stay instead of signing a cheaper lease agreement elsewhere.
On that note, consider giving tenants incentives for renewing. This can be a small discount on monthly rent or an upgrade to a better unit.
Invest in Your Tenant Relationships
Nothing's more valuable than building trust with your renters. Even though they're staying on your property, you should still treat them with respect and be accommodating when you can.
Should any conflicts arise, be level-headed and don't be biased. Maintaining good tenant communication will set you apart from other landlords and encourage renters to stay.
Hire a Property Management Company
Are you too busy to do all of the above? Then make your life easier by hiring a property management company. You'll have to spend extra money, but it's worth every cent spent.
We'll take the hands-on approach, so you don't have to. In addition to taking care of the above tasks, we'll also market your property, screen tenants, collect rent, and evict them if necessary.
You'll be able to have a better work-life balance with our assistance.
Try Out These Leasing Management Tips
If you were previously struggling with leasing management, then use the above advice as a solid starting point. Both your current and future renters will appreciate your efforts, which will then put more money in your pocket.
Being a landlord can be a tough job though, so don't be afraid to get outside help. With the services of a property management company, you'll be able to relax.
Do you need help with rental property maintenance? Then contact PMI County Line today. We offer full services backed by two decades of experience.