Resident turnover is an automatic cash flow killer. All of the administrative and advertising costs and the maintenance work to get the unit rent-ready, not to mention the lack of rent checks during vacancies, take a huge hit to your profit margins. Real Property Management Pittsburgh has some tips to help you keep a full house so that you can avoid this:
Always Screen Applicants
The resident you choose to move into your rental home can make or break your real estate investing experience. After all renting means dealing with people. Real Property Management Pittsburgh will always have a thorough screening process with any potential tenant over the age of 18. This can help give a better picture of who the person is who wants to rent your home. Background checks, rental histories, paystubs, and credit checks can all give important information into the character of an individual. It is also helpful to set the expectations from the start with your residents. Make sure they understand the lease agreement so there is no confusion or surprises.
Communication! – Listen to your Residents
Life always has bumps in the road. Appliances break, weather-related damage happens, and plumbing issues can occur. If a resident has a need or concern, respond as quickly as possible. Fast proactive maintenance can help prevent future problems and sends a message to your resident that RPM Pittsburgh cares about both the property and resident.
Keep a Good Relationship
Residents feel secure in knowing that if there is an emergency, they can contact management quickly. Regularly scheduled inspections can be set up with residents at the time of lease signing. This can help with maintenance follow up and resident communication.
The goal is to have an environment that is safe and maintained with open, honest, and regular communication. When residents have an enjoyable renting experience and feel at home, they will want to stay as long as they can. The bottom line is the longer your rental is filled, those rent payments will keep coming in.