Improve Tenant Retention With A Property Management Company In Place

One of the hardest aspects of owning rental property is retaining paying tenants. Each empty unit is money lost every month, and a solid property management company will help you keep your buildings full of high-quality tenants that will pay their rent on time. Using a number of methods, your property management company will screen potential tenants that want to live in your building.

Background Checks are Standard for Tenancy

Any decent landlord is going to require background checks of future tenants, but this takes time you may not have. If you own a number of buildings, it is a fact that you will lose money if you don't hire a property management company to handle some of your work load. With completed background checks, your management company can weed out undesirable tenants who have a history of criminal behavior.

References Will Be Called by a Property Management Company

Along with checking a potential tenant's criminal background, a property management company will also check on references provided by the potential tenant. At least one previous landlord will be called to ensure that the tenant paid their rent on time every month. Calling references is tedious work, and should be left up to a professional company that knows how to handle these types of calls.

Keeping Tenants Happy Helps with Retention

You want your tenants to be happy living in your building. Happy tenants are more likely to pay their rent on time, and less likely to move from your property to find another apartment. A property management company will respond to tenant complaints immediately, 24 hours a day, so you don't have to. With a solid response system in place, your tenants will understand that their needs are important. You may not have the time to answer every call from your tenants, but a property management company does. 

A Clean Building and Grounds Show Tenants You Care

It's important to keep your building clean and up-to-date with all maintenance. This is a big job, and a property management company can handle all aspects of building maintenance for you. You want your tenants to know you care about your building and about providing them a nice place to live. A well-maintained building is desirable for tenants, and you are more likely to retain tenants by showing that you respect their living environment.

While you may feel you can't afford a property management company, it is proven that having a solid company in place earns you money over the long haul. When you own more than one rental property, it's time to contact a property management company like Management Services to see how you can earn more while doing less work every month.