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Tenant management is one of the major constraints in the real estate sector. Indeed, some landlords or property managers face complex tenants who are difficult to manage.
Therefore, it is essential that the common grounds be assessed in order to remedy certain situations of tension and avoid departures that can lead to losses. If you are currently an owner or property manager, this article can help you improve your skills to limit the loss of tenants.
If you own a property, you know better than anyone that finding reliable tenants is not always easy. That is why, once they are found, it is essential to keep them as long as possible to ensure a constant and growing income.
Indeed, the rental market is experiencing a strong "turnover". To prevent that at your property, it may be wise to ask why? What are the main causes and how can you avoid them in the future?
Below you will find a list of all the main reasons why tenants leave:
Difficulty in contacting the landlord or having a calm relationship with him/her.
Poor relationship with the neighborhood that may be related to noise, deterioration of common areas or non-existent and difficult communication. Tenants may not feel supported by the manager or owner in finding a solution together.
Tenants living in an unhealthy place that degrades from day to day, wishing that repairs are made but seeing their requests ignored by the owner or manager.
Common fees may increase over the years, which may cause tenants to be annoyed or worried about the years to come.
Some tenants are forced to pay additional fees due to material shortcomings and faulty communication with their lessor or manager. Take the example of parking, some properties do not offer adequate parking locations, which may cause the tenant to incur additional costs.
As you can see, the key to avoiding the loss of your tenants is communication. In addition, if there are external conflicts, you must be a mediator to facilitate dialogue and provide concrete solutions to the problems.
To address these turnover causes, we offer 3 tips that can help prevent the departure of your tenants.
Be in touch with a reliable real estate maintenance company to have the best repair or renovation services for your property.
Keep in touch with your tenants, including monthly visits to collect information about properties, repairs or improvements, such as providing additional parking facilities when needed via a company like BePark.
Maintain a good relationship with your neighbors so they can tell you directly about their concerns and avoid any disputes that could damage your home.
We hope that this article and these tips will help you improve the management of your property and your relationship with your tenants.
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