We all know that vacancy costs money. The relationship between the tenant and the landlord or the property manager has a huge impact on the length of a vacancy. Today, we are sharing some tips to reduce your vacancy rate and promote a long-term tenancy.
Make an effort to know the names and faces of your tenants. This goes a long way in promoting a good relationship. If a tenant hears a friendly voice when calling, a good relationship can be established, which can lead to longer term leases. A good relationship can help avoid the vacancy loss that comes with high turnover. When a tenant comes into the office or calls us, we want them to know it will not be an adversarial experience, and that we are truly concerned about their issue. Our attitude is always one of assistance.
Make sure your tenants can communicate with you in multiple ways. They should be able to e-mail, text, and contact you by phone. If there is an emergency, they should be able to reach someone 24 hours a day. When tenants know their needs will be met in a timely manner, they are more likely to stay for the long-term. So, keep the time from a request to a response to a minimum.
When tenants know you’re proactive with maintenance, they will be more likely to stay in the property longer. We always suggest that owners maintain their heat and air systems each year, scheduling routine maintenance in the Spring for the AC unit and in the Fall for heating units. When tenants see you taking the lead in preventative maintenance, they feel reassured that any maintenance need they may have will be taken care of. Staying on top of HVAC units can also help keep your long-term costs down and prevent small problems from becoming larger ones.
Avoiding a vacancy loss is all a matter of knowing who your tenants are, respecting them, and responding to them. Make sure your vendors are doing the same. This will help reduce your vacancy rates.