Failing to retain your Baltimore County tenants means you have a vacancy on your hands.
With a vacancy, you are no longer collecting a consistent rent payment each month, you probably need to make repairs such as paint the walls or replace the carpet, and of course, you’ll need to perform a deep clean.
That’s on top of the fact that you now need to advertise your vacant property, thoroughly screen all interested tenants, as well as deal with drafting a new lease agreement, collecting application fees and security deposits, and conduct move-in inspections.
That’s a lot of work, and very little money coming in.
In fact, it has been suggested that acquiring a new customer (or in your case, a new tenant) can cost five times more than keeping an existing one.
Rather than deal with the constant turnover of a rental property in Baltimore County, and the subsequent loss of income and time, you should instead aim to improve your tenant retention rates.
In the past, we have discussed 5 solid ways to boost tenant retention. However today, we are going build off those 5 things and provide you even more steps to higher tenant retention.
Steps for a Higher Baltimore County Tenant Retention Rate
1. Make Communication a Priority
Communication between you and your tenants, as well as your Baltimore County property manager, is important when it comes to tenant satisfaction.
Having an open line of communication where tenants feel comfortable reaching out for anything they need will allow you to stand out amongst other landlords, as well as increase your chances of getting a lease renewal.
One great way that you can establish that communication is a priority for you is to give your tenants a tenant welcome packet prior to move-in.
This packet can include things such as important contact information tenants will need over the term of their lease, dining, shopping, and entertainment hotspots that are nearby, and general maintenance tips they should stay on top of during their lease.
2. Collect Rent…Online
In addition to having a solid line of communication established between yourself and your tenants, another great way to boost lease renewals is to make paying rent as easy as possible.
And today, most people are accustomed to paying everything online.
It’s convenient, available 24/7, easy to track, and makes your life a whole lot easier too.
Collecting rent online is a great idea – it helps your tenants, and it helps you and your Baltimore County property manager.
And, let’s not forget that it is the most secure and reliable way to collect money.
3. Spruce up Your Property
Many times, property owners only make major improvements to their properties in between tenants.
And, it makes sense to do so.
When the property is empty, it is easy to see what needs repair, and in order to avoid a long vacancy, that is the best time to make upgrades.
After all, the more amenities you have in your property, the higher rent amounts you can command.
However, failing to tend to the properties that have tenants in them is a big mistake.
To start, a property that is falling apart is not going to be one that a tenant wants to continue living in past the end of the lease term.
In addition, making small improvements to your property throughout a lease term, as a way of showing appreciation to your tenant for paying on time and being an all-around good tenant, will make your tenant more likely to want to stay another lease term.
One neat thing you could do, in order to really strike gold with your tenants, is to ask them if there is anything in the property they would like to see upgraded or fixed.
This will really go a long way come lease renewal time.
Your tenants will definitely remember come lease renewal time, when you replaced that old, partially functioning dishwasher with a brand new, water efficient one.
4. Call Before Coming Over
Issuing proper notices is the legal thing to do when you want to enter your investment property for one reason or another.
Not only is it illegal to show up to your rental property unannounced, but it also can really interrupt your tenant’s life.
What if they are having people over for dinner? What if they want to be home when you come over? What if they prefer not to be alone when you show up?
There are many things to take into consideration when you show up to your rental property for a routine inspection or general maintenance issue.
Respect that people live in your property, and treat it like their actual home.
If there is no immediate emergency, there really is no reason not to politely call ahead when you plan on stopping by, so your tenants can adjust their schedule and be prepared.
5. Use a Good Baltimore County Property Manager
Property managers typically have the most contact with your tenants.
This makes selecting the right property management company crucial to your success as a landlord, especially when it comes to tenant retention.
If your tenant cannot stand the property manager assigned to your property, has problems with administrative staff, or cannot get in touch with the on-call maintenance crew, you are going to have trouble convincing a tenant to sign a lease renewal at the end of their term.
No one wants to deal with a difficult property management company, no matter how great the landlord or the property is.
That’s why it is on you to do your due diligence when it comes to interviewing a property management company to handle your investment property.
In addition, if you notice any of the signs that your property management company isn’t cutting it, you need to know when to let them go.
If you are looking for an experienced property management company in the Baltimore County region, contact Bay Management Group today. With a dedication to providing superior customer service, you will never have to worry about a tenant wanting to leave your rental because of anything we do.
With 24/7/365 maintenance, online rent collection, and open lines of communication, your tenants will feel comfortable reaching out for anything they need.
And, you can count on us for top-notch vacancy advertisements, thorough tenant screening and placement, and plenty of advice on how to garner higher retention rates.
In the end, we have everything both you and your tenants need to be happy.
I am not sure in all my time working with landlords that I know one that doesn’t collect on time!