Usually, tenants pay for a unit that suits their preference; the exact quality they are looking for and their preferred size for the spaces in the living room, or the bedrooms, bathroom, kitchen, guest room, storage room, etc. These are the basic parts a tenant often talks about first. If they don’t like a particular area, if it is something they don’t expect, then there’s a big chance that they will back out. But when the landlord hires a certified property manager, these things should not be a problem. If you haven’t decided to do it yet, here are some reasons why getting a management company can help you a lot in making your property suitable and attractive for any type of tenant. Also, this article will provide you some important ideas as to why tenants behave the way they behave and what are the proven effective ways to approach them.
Considering rent reduction
When a tenant tries to react negatively about the size of the unit, the landlord should ask first a question: is it justifiable to give this person a discount? If so, then the landlord can do it. Filling the vacancy also means spending money and time therefore most property managers reduce the rent; it could be as much as 40 dollars per month or sometimes a little bit more, just to save the unit from vacancy length. Vacancy means the absence of income, meaning zero benefits for the investment. So to compromise for a short-term loss while aiming for a long-term gain, reducing the rent can be an option.
Considering the size
If the tenant chooses to move because they need more space and the tenant cannot adjust, then there’s nothing a tenant can do about it. But it could become a prolonged vacancy for the unit, costing an additional amount. Therefore the landlord can also consider offering an alternative. He might want to move them in a bigger space, for example, a place comfortable enough for the tenants. This would solve the problem. Again, there is no need to worry because a property management company is equipped to handle this kind of tricky situation; surely they’ll have innovative ways to deal with problems, both for the tenant and the landlord.
A strong army of a maintenance team
Another useful strategy for managing a rental property is to conduct regular maintenance check-ups and repairs. Inspecting the property regularly, consistently fixing problems, small or big, the unit or even the whole property will be properly conserved for total convenience to the tenants. Usually, property managers connect with third-party companies that provide the workforce that would deal with the maintenance of the property. This third-party company, definitely, should be certified and legally hired by the management company so that all actions will be legal-bounded; meaning landlords don’t have to worry about consequences.
Another way to take care of the tenants is to offer incentives. The landlord might want to adjust the rate a little for example, if he or she feels like the person deserves it. Or, give chance for upgrades by providing additional services; small things like carpet swapping or cleaning, repairs, pipe fixing, repainting, declogging, air conditioning maintenance, and even providing free laundry equipment will be enough for the tenants to appreciate and stay. Also, this could help motivate them to value the property more as aside from having a shelter, they also receive more things in exchange for their rent.
Sometimes, tenants prefer small space
On the other hand, some tenants may also leave the property because they don’t want a responsibility that is too large for them if all they need is just a small space. Bigger space means bigger area to clean so it could be that they don’t feel taking the task of cleaning because they think bigger space is just too much for them, etc. Therefore to protect the business from these kinds of threats, being flexible is the right option. If it’s not going to cost a lot, it’s worth trying because it would probably offer something bigger in return. That’s a smart strategy and a good business model.