Of course when another Tenant is secured quickly this helps a great deal, but that still doesn't negate the expenditures in the releasing process.
Advertisements, taking calls, showing activities, lease contracts, obtaining security deposits, and other related activities exhausts time and energy. Should these activities be handled for you by a property management company, they would require you to pay for their services. Of course, the worst part could be if a qualified tenant is not found in a timely manner.
Move-out inspections are also bound to uncover some normal wear and tear and required maintenance, (which is not covered by the tenants security deposit that can only be used for damages). Routine maintenance needs to be undertaken to prepare the property for an incoming tenant so that everything is in good condition prior to their occupancy. Any maintenance or damage repairs and cleaning takes time to complete, perhaps a couple of days but maybe several depending on what is needed. The property is best marketed when it is good condition, so maintenance can delay the showings of the home to new potential renters.
A survey of many apartment buildings found that the primary reason why tenants leave is because of mis-management. In single-family rental properties, it is defined as the owner’s possible neglect to even the smallest raised issues such as fixing broken appliances, keeping the peace, or perhaps putting blame to tenants whenever something gets broken. When tenants are dissatisfied with the home or the landlord it gives them motivation to leave and stiff the landlord.
The landlord and property management company, therefore, must try to do all things possible to keep good tenants satisfied to keep them renewing. Isn’t it less stressful to keep all existing tenants? No, your efforts should also involve non-renewing bad tenants who are consistent late payers, violating lease conditions and ones that are generally a hassle to deal with. Non-renewing bad tenants gives you the opportunity of landing good, stable, clean, long term tenants.
Provide your tenants with sufficient respect and help, and they will show it back by staying longer, opting to further renew their lease. Attend to their needs, repair items that justly have to be, keep the property well-maintained, perhaps provide incentives to renew, and be professional polite and firm at ALL times. Although this may sound simple, being professional polite and firm during a high stress situation such as a maintenance problem requires patience and skill. Any issues a tenant might have should surely be addressed without delay. Landlords can also help to convert a tenant to a long term one if they become open to reasonable improvements of the property from time to time to keep it in style and up to date.
The longer tenants stay with you, the more income you’ll gain. Therefore think about how you can better serve your tenants by making improvements to your land-lording techniques and you will find this to be a win-win situation.
Oliver Overton-Morgan is the Broker of Absolut Realty Inc, an Orlando-based residential investment real estate and property management company.
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