Tenant turnover can be one of the most costly parts of owning investment properties. Handling the maintenance needed to the property to get it ready to re-rent and the time the property is sitting vacant are costly endeavors. To help keep your costs low, you have to try and keep good tenants. Here are 3 Chicago property management tips to keep good tenants:
- Price the Unit Correctly: Pricing of a Chicago property can be a difficult predicament and setting prices too high or too low can be detrimental to either the tenant or your pocket book. Setting the right price for the unit can be easier said than done, but you have to take in a variety of factors such as market rents around the location of the unit and the amenities of the unit. Setting rents too high may scare potential tenants away and can also lead to higher levels of turnover. If tenants are too pressed for cash, they will likely move on to more affordable housing when given the opportunity. Setting rents too low on the other hand may make even minor rent increases difficult. Having the right price should work for both you and your tenant and lead to a much better relationship than one where the unit was under or overpriced.
- Keep Up With Maintenance Every Chicago area property will experience some level of wear and tear regardless of whom the tenant inside is. Keeping up with the property maintenance shows a level of good faith with the tenant and helps protect the value of your property. Maintenance needs that are not taken care of in a timely manner can lead to damage to the property or to the tenant not taking as good of care of the unit. Additionally, tenants are typically more satisfied when they feel their landlord will take of their maintenance needs.
- Have A Good Relationship with Your Chicago Property Manager As an owner, having a good relationship with the assigned Chicago property manager is key to the satisfaction of tenants. Your property manager should work hard to keep tenants happy and handle maintenance and issues as they come up. If the Chicago property manager is difficult to get a hold of for tenants, they may get frustrated and take it out on your property.
For more information on how to keep good tenants and make the most of your investment property, contact us today at info@lettspropertymanagement.com.
