| Tenant retention provides a huge advantage to | | | | which will allow them to get caught back up. |
| any property management company whom | | | | Tenants will remember your patience during these |
| devotes the time and energy. You save your | | | | occasional tough times and are much more likely |
| property owner's a ton of money by eliminating | | | | to renew their lease. A landlord can get an extra |
| expensive costs getting the unit rent ready again. | | | | year on average out of tenants because of this |
| Painting, cleaning, yard work, and minor carpentry | | | | technique. |
| repairs can easily run $1000-$2000 every time a | | | | 4) Do not ever lose your temper with a tenant. It |
| tenant moves out. | | | | is much better to talk softly and use a big stick |
| Here are my tips to entice tenants to renew their | | | | calmly and professionally. This means you should |
| lease. | | | | strive to be polite and respectful even in the |
| 1) Do repairs in 24-72 hours and do them right. It | | | | worst of circumstances. If a client lies to you |
| is amazing how few property managers actually | | | | about rent, pets, damages, or whatever, try and |
| do repairs on their rentals in a timely manner. The | | | | not take it personally. A large percentage of |
| tenants see timely repairs as your first and last | | | | tenants lie as sure as the sun rises and sets. It is |
| responsibility. Since most of them have | | | | how the world works. You must establish |
| experienced several landlords that took forever | | | | consequences to these actions. you'll find that |
| and required 4 or 5 phone calls to fix anything, | | | | enforcing late fees sends a clear message about |
| prompt repair service is a wonderful surprise. | | | | rent. In Florida, you send a 7 day notice to |
| 2) Have 1 or 2 back-up trade's people for every | | | | remove unauthorized pets or pay a pet fee, or |
| type of job. You will find that certain types of | | | | set-up a payment plan for damages that a tenant |
| repairs come in waves. A Tampa property | | | | can pay off over the course of the lease. |
| management company might manage several | | | | Will all tenants respond positively to this type of |
| hundred rentals, and there are some weeks it | | | | behavior? No, but you should not care. If they try |
| could have a ton of plumbing repairs and others | | | | and take advantage of you, call them on it. If |
| that are mostly AC repairs. Also good trades | | | | they continue, file for eviction. My goal is to try |
| people get busy with other clients. They go on | | | | and avoid escalating a tenant dispute to the point |
| vacation, get injured, move-away, and occasionally | | | | that we are yelling at each other and the tenant |
| lose their minds. Think of these vendors like a | | | | becomes very angry. Regardless of who is right |
| computer system. You have a primary power | | | | or wrong, you should avoid trying to convince |
| source, but if that goes down you immediately | | | | people they are wrong. You just state the |
| switch to auxiliary power. | | | | consequences in a pleasant tone and enforce |
| 3) Be flexible and patient when tenants run into | | | | them. |
| financial trouble, just not too patient. I can't tell | | | | These 4 tips should be the cornerstone for all |
| you how many property managers have a firm, | | | | tenant relations and retention. If you want a |
| inflexible policy for rent collection. The rent is | | | | tenant to renew, you need to keep the place in |
| either paid by the 5th, or eviction paperwork is | | | | good repair. More importantly, you need to |
| filed as soon as legally possible. I find this absurd. | | | | communicate in a professional, patient manner |
| There will be times when good tenants run into | | | | even when they are hostile or lying. Always keep |
| financial hardship. I used to become upset by this | | | | in mind, your goal is to collect the rent, have the |
| because I believe rent should be paid before any | | | | tenant take care of your place, and renew their |
| other bill. Eventually, I just learned there is not a | | | | lease. If all these things happened without effort |
| rental utopia out there. 80% of all tenants will | | | | or aggravation there would be no money in |
| from time to time run into financial hardship. | | | | owning rental properties or Tampa property |
| You should never let them get two months | | | | management. |
| behind, but you should set up payment plans | | | | |