Tips For Keeping Tenants In Park City Property Management
The life blood for any landlord in Park City property management is a quality tenant who pays rent on time and takes care of your property. Perhaps you purchased this property purely as an investment and are looking to keep it consistently occupied. Or maybe you plan to later use the property as a vacation home, relocate to the area or even retire and move into the property. Either way you are looking to cover your costs generate a little money through your investment. With any property repairs will come and go, they are an expected necessity and should be planned for. But one thing that kills property management in Park City faster than anything else is vacancy. So what can you do to keep your Park City long term rentals full and your tenants happy? Let's take a look at a few things that can help you keep your tenants. This isn't anything new or fancy, just some planning and leg work that will help you achieve better results. If you feel you aren't up for this kind of work the best thing you can do is hire a competent Park City property management company. They will handle all this work for you for a nominal fee and allow you to put your time and energy into other endeavors.
Plan Ahead
Don't wait for your tenant to either decide to stay or move out at the end of the lease, contact them before it expires! At CC Realty we typically contact a tenant at least 60 days before their lease expires and offer them renewal terms. This lets them know that we want them to stay and can open a dialogue about renewing. Sometimes this opens you up to some complaints or criticisms. Perhaps the tenant is contemplating moving due to some issue with the property. By contacting the tenant before the lease expires you will have a chance to address any issues and hopefully retain the tenant. I've had a number of tenants that ask for small concessions for renewing a lease like having the carpets cleaned or some nagging repair work taken care of. This cost is typically small and always significantly less than the cost of turning over a condo, vacancy and finding a new tenant. I've also found that this can be an opportunity to build stronger tenant and landlord relationships. I can think of a few instances where a complaint was brought up during the renewal process, we were able to resolve the issue and the tenants ended up staying on for several more years. Renewals from great tenants are one of the best things you can have in Park City property management.
Incentives
Other options for keeping a tenant who is on the fence about moving include offering different incentives. This could be a discount on rent for a month, hiring a professional cleaner, upgrade the property appliances, carpet or flooring. I'm not suggesting gold-plated fixtures and marble floors, but reasonable upgrades that make a Park City long term rental more attractive to live in can save you from having vacancy and turnover. Small things can go a long way towards that great relationship that results in longer tenancy and satisfied renters.
If you would like more information on tips for keeping tenants, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
