There are several factors involved in keeping your vacancy rate low. Today, we’re focusing on choosing and retaining good tenants. This will cut down on turnover and prevent an unnecessary vacancy.
Westminster Property Management MD: Tenant Selection
One way to keep your vacancy rate low is your pre-screening process. You want to place tenants in your property who actually qualify for the home. Don’t rush into filling your unit. Take the time that’s necessary to find qualified tenants who can understand and fulfill the requirements of renting your property.
Property Management Westminster MD: Communication
Keeping an open line of communication with your tenant is also important. Let them know what you expect from the beginning of the lease. For example, if rent is due on the first and late on the fifth, follow that every month. Your tenants need to know they cannot expect extra leniency, and that late fees will be charged if they wait to pay on the 10th. Start the eviction process when tenants are late with rent payments. While you aren’t going to evict every time they’re late, it sends the message that you expect on time payments, and they need to abide. It’s no different than when you’re paying your own mortgage; you wouldn’t pay late and expect your mortgage company to waive the late fee.
Keep communication open, and follow up with your tenants to figure out how you can help them pay on time. Give them different payment options. If they can pay online, through ACH, via PayPal or RentTrack, or with a cashier’s check, you have a better chance of receiving rent on time. Tenants will appreciate the convenience.