Wednesday, July 12, 2017

Non-renewals: What's Driving Your Tenants Away?

As property managers, we spend a lot of time enforcing the rules. We hunt down late rent payments, ensure tenants keep their noise level to a minimum and that they're parking in their assigned spot. When tenants do their fair share to contribute to a clean, safe and pleasant community, we're appreciative. But what are property managers doing to live up to their end of the bargain? Could your actions -- or lack thereof -- be driving good tenants away?

Scott Safadi of Cal Bay Property Management says yes. In competitive markets, renters are always looking to trade up to the newest, next best property. Here's a few ways property managers ruin their chances at renewing leases:

Maintenance Issues

Leaky sinks, clogged toilets and broken air conditioning units are the bane of renters' existence. Having to hunt down a property manager or landlord every few weeks to nag them about something new that has broken is exhausting. If you're having maintenance issues with a unit over an extended period of time, make the struggles a little more bearable by offering a discount in rent. Better yet, fix problems as soon as they crop up.

Rent Increases

While rent increases are necessary to keep up with the cost of living, annual hikes to the rent get old fast. If you've got tenants renewing their lease for a second or third year, cut them some slack and go easy on the rent increases. If you don't, they'll be shopping around for new apartments sooner than you can say the word lease.

Excessive Noise

A man's home is his kingdom, and even when he's renting, he expects a peaceful place to call home. Bear that in mind as you oversee your apartment community. Barking dogs, screaming children and thumping music can annoy even the most patient of tenants. Address noise violations promptly, before you lose a quiet tenant!

Illegal Entry

There's nothing more unsettling than finding out that someone has been in your space without your permission. Too often, apartment community employees enter units without giving warning beforehand. Even if they're present on official business, like fixing a leaky sink, the surprise visit can take most tenants aback. If your tenants don't feel respected, they'll start apartment hunting soon. Remind employees to always give notice before entering a residence.

- Scott Safadi, Cal Bay Property Management


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