Leasing Management: How to Keep Great Tenants in Your Investment Property

Leasing Management: How to Keep Great Tenants in Your Investment Property

Did you know around 2.7 million households received eviction notices between 2000 and 2018? Evictions happen for a variety of reasons. But often due to a breakdown in communication.

As a property owner, leasing management is one of the most critical aspects of your business. Your tenants in Atlanta are your bread and butter. Keeping them happy and satisfied is essential to maintaining a profitable investment property when it comes to leasing management services.

In this article, we'll take a look at some tips and strategies for retaining great tenants and avoiding costly turnover.

Screening Tenants Thoroughly

One of the best ways to avoid turnover is to start with a solid tenant found by a leasing manager you trust. Before you sign a lease with someone, it's crucial to do a thorough background check and make sure they're the right fit for your property. Look for someone with a stable income, good credit, and a history of paying rent on time.

It's also a good idea to check references from past landlords and make sure the tenant has a good track record of being a responsible and reliable tenant. If you have any doubts, it's better to pass on the tenant and keep searching until you find someone who fits your criteria.

Setting Realistic Expectations

Once you have a tenant in place, it's important to set realistic expectations right from the start. Make sure they understand what's expected of them.

This is in terms of rent payments, maintenance responsibilities, and community rules. This can help prevent misunderstandings and disputes down the road.

Providing Great Customer Service

Another key aspect of leasing management is providing great customer service. Respond promptly to your tenant's requests. Be available to answer their questions.

Also, address any problems that may arise. If you show your tenants that you care about their needs and are responsive to their concerns, they're more likely to be satisfied with their living experience and stay put.

In Atlanta, this means ensuring you are servicing different areas from Amal Heights to Downtown even if that is going to take your team or you as a landlord longer to get there.

Making Regular Updates and Improvements

Keeping your property in good condition is another important part of leasing management. Regular updates and improvements make your property more attractive to prospective tenants. It also shows your current tenants that you're invested in their comfort and satisfaction.

If you want to know more about property management as an owner then be sure to check out our owner resources. These can come in very helpful.

Small improvements, such as fresh paint, new fixtures, or updated appliances, can make a big difference in your tenant's experience. Of course, it's important to balance these updates with the cost of the improvements. Be sure to also consider the return on your investment.

Offering Incentives

Finally, consider offering incentives to your tenants to keep them happy and motivated to stay. Atlanta is a reasonably well-known area, particularly known for hosting the Olympics in 1996.

However, big cities such as New York and LA still have a lot more to offer; so do cities in Florida and Texas. Therefore if you're trying to attract tenants, you need to keep them sweet.

This could include offering discounts on rent. It could be a referral bonus for bringing in new tenants. Or it could be other perks that show your appreciation for their business.

Leasing Management 101: Keep Your Tenants Happy

Leasing management is a critical aspect of property ownership. It requires careful attention to detail. By thoroughly screening tenants, setting realistic expectations, providing great customer service, and offering incentives, you can retain great tenants and avoid costly turnover in your investment property.

Remember, happy tenants mean happy landlords, so make leasing management a top priority.

For more on how we can help you keep your tenants happy, be sure to contact us today.