There is nothing like losing a tenant to kill your cash flow. Advertising, and maintenance work to get a unit rent-ready, plus showing costs are a few of the many hits your wallet will take when you have tenant turnover. That doesn’t even factor in the lack of rent checks during vacancy days. RPMWV Phoenix has a few tips to help you keep your renters from jumping ship.
Properly Screen Applicants
After meeting a tenant in person, it is important to complete proper screenings as part of processing an application. Background and credit checks will help you determine how reputable this potential renter will be. By thoroughly prequalifying future tenants, you’ll avoid those who have questionable items in their pasts and who are more likely to be short-term renters. Also be sure to collect and analysis the correct financial documentation so you know that the renter can actually afford the rent.
Avoid Above Average Rent Increases
RPMWV Phoenix is aware of market standards when it comes to rent averages. While rent increases are common, the profits you make from hiking the rent regularly will not cover the costs of rental turnover if your tenants become frustrated with rent increases. Keeping rent on par with the area averages will help keep renters around for a longer time. It is important to know the market that your rental unit is in and keep your rent at the right amount for that market. RPMWV Phoenix knows the Phoenix rental market to price properties accurately.
Promptly Respond to Tenant Requests
Quick responses to requests for repairs and other such needs is a vital feature to good management. RPMWV Phoenix knows that renters become disillusioned fast if the property owner does not respond to complaints quickly (especially the AC in the summer!). In spite of a myriad of other appealing features, a renter will leave if they feel a property is not managed adequately. RPMWV Phoenix has 24-hour call centers to help with those unwanted emergencies that come at the most inconvenient times. Fast proactive maintenance completed by professional people is also important for both avoiding bigger maintenance problems in the future and keeping tenants comfortable in their homes right now.
Maintain Renter Relations
Open communication is key to maintaining long-term renters. The day a renter signs a lease should not be the last day they hear from you before moving out. RPMWV Phoenix online tenant portal ensures that all renters can review their ledger, open work orders and ask questions when it is convenient to the renters schedule.
RPMWV Phx offers all real estate services including full property management services, purchases and sales of all real estate as well as tenant only services. For additional services, visit the rest of our website at www.rpmwvphx.com or contact us at 623-748-7800