Tips To Reduce Summer Turn Over
As a property manager in Chicago, you need to find the best ways to retain tenants in your complex. You want to reduce the summer turn over rates that can be quite high. Keeping a few tips and tricks in your back pocket this summer will help you to increase your retention rate as you go into the fall and winter months. Here are just a few ideas to keep in mind.
Understand The Reasoning
There are many reasons behind people moving out of your complex. It could be that they have a job change, move with family, or other reasons that are out of your hands. However, knowing the reasons they leave because of things you can change is the difference. Items such as rent, amenities, common areas, improvements, etc. are items you can look at to adjust or add to your property to make them stay longer.
Communication is Key
Make sure you take the initiative to interact and communicate with your tenants. The more you are reachable and show that you’re involved, the better off you’ll be. Your tenants want to know their voices are heard. By being proactive with communication, you can show them exactly that.
Three Months Before Their Lease
Start contacting them three months before their lease is up to discuss renewal. Open the door for communication early on so that you have time to discuss their plans, ideas, and concerns. This allows you ample time to work on certain aspects while you’re finding out more about their plan to stay or move out at the end of the lease.
Consider Sublet Options
If your tenants have to move for the summer months, consider providing a sublet option so that they can have the opportunity to do what they need and keep their apartment. If they are currently happy with their location, they may just need a few months out of the apartment for summer jobs or traveling.
Improve Your Chicago Property
Improvements in the complex itself will be a huge draw for tenants to remain where they are. It also allows you extra encouragement to draw in new tenants so you can fill vacancies. Consider improving the grounds, the inside with fresh paint or upgrades, and work on offering more services for your tenants. This will help them to want to stay right where they are as most people despise the moving process.
If you’re a property owner and looking for a Chicago property management team, you’ve come to the right place. Here at Connected Management we offer a wide range of services to assist you in keeping your Chicago condo running smoothly. Whether you need a property manager onsite or need assistance with your HOA, we have you covered.
Contact our team today to see how our affordable services can help you in retaining your tenants and filling vacancies sooner rather than later.