Whether you use a property management company or not there are property management strategies to maximize your ROI. Even if you are a owner managing your own property I encourage you to consider these items.
First is to limit turnover. The idea here is to find great tenants that are happy and want to stay long term. If all your tenants are miserable and leaves after every lease term your costs will soar from the turnover costs. As you likely know there are always issues and things to fix and clean etc after your tenant moves out, some are covered by deposits but some are not. But regardless the time the home sits vacant is expensive. Not to mention if you have to pay leasing fees or marketing fees to find that new tenant. We believe in setting expectations up front but treating tenants with dignity and respect and being professional. They are your clients and again the idea is to keep them long term and avoid turnover costs.
Another reason tenants leave and ROI is diminished is the lack of OR want too many repairs. Again, set expectations so tenants know and understand what is and what isn’t going to be repaired. It will keep everyone on the same page and happy. When a tenants calls for a repair, is it cosmetic or structural? You can fix cosmetic stuff but you don’t necessarily have to. Understand what is and what isn’t your responsibility and stick with it and be communicative as to what your policies are. It is your duty to keep up on the property so you are not left with a property plagued with problems that will at some point costs a lot to get up to par. And likewise, sometimes tenants expect and want too much so draw the line, define it and stay consistent.
Third, be available. If a tenant has a questions, concern, problem etc. they need to be able to reach someone. I am not saying you have to be available at all times but define the times that you are available if they need you.
And here is a big one… Respect their privacy. No tenants wants to rent from an owner that is nervous or worried about their property. Don’t constantly drive by the property to spy or show up at any given time. They are paying for the right to occupy and to have privacy. Not to mention there are sever consequences if you violate the Landlord Tenant Act.
So those are few property management strategies to maximize your ROI to consider when working with tenants. If we can help with your property please contact us.