How Do You Keep Good/Quality Tenants in Chicago?
Being a property owner of investment property can be an exciting prospect. If you’re new to rental property investment, you may have pipe dreams of how it should be. You may think that you’ll find perfect tenants and that they will live there forever.
While that would be fantastic, that is not how Chicago property management actually works. Too often you’ll find that the good tenants don’t stay and the tenants you want to move in, are few and far between.
So, how can you keep the quality tenants you do find? How do you attract quality tenants when you’re dealing with a vacancy in your property? Here are a few things to keep in mind when you want to retain your Chicago property tenants.
Build a Rapport With Your Property Manager
You should know your Chicago property manager well and they should know your tenants well. By your onsite manager taking time to be attentive to the needs of your tenants, you can help to retain the ones you have. Your Chicago manager should be able to assist the tenants with maintenance and repair issues in a timely manner. They should provide access to receive rental payments and also provide options such as online payment as this is a huge draw to tenants. They should be easily accessible. If your tenants cannot get a hold of the property manager when they are needed, they will look for another property where they are attentive.
Maintain the Property Well
Make sure that you and your property management company are keeping the property attractive and well maintained. No one wants to live in a home where the lawn is looking overrun or the building itself is falling apart. They will look elsewhere. Be sure to keep up on regular maintenance and take care of repairs in a timely manner.
Price it Right!
If your complex is priced too high for the neighborhood or what you’re offering, you will not retain quality tenants or even attract them from the beginning. You want to make sure you are competitive with apartment buildings similar to yours in the area. Make sure you take a look at the surrounding properties, what amenities they offer, size of apartments, etc. so you can properly price your building to fit in line with the others.
Keep these ideas in mind when you’re trying to retain quality tenants in your Chicago property. Working with a solid, hands-on property management team can help you as well. Not all property managers are created the same. Connected Management is experienced in this type of property management and is ready to help you find and retain quality tenants to improve your property investment experience. Contact them today to see how they can assist you with all your Chicago property management needs.
They will be able to help you stay on top of repairs, maintenance, vacancy filling, and free up your time to invest in other locations or just enjoy downtime. Contact them today to learn more!