TENANT RETENTION - BETTER COMMUNICATION

Wait, Wait....don't leave!

We strive to place a tenant in the property but yet there seems to be a gap that encourages a tenant to want to stay.  

Reducing turnover and loss of revenue for our owners requires multiple factors working together...such as setting pricing correctly, property in a good location, nice and functional home and amenities, and a maintenance crew that is always on point. But perhaps most importantly, the relationship that renters build with their property managers can make or break a lease renewal. 

Developing good social skills is not difficult and it proves to make 

relationships between property managers and residents happier days and longer stays.

Here are 3 helpful tips when communicating with tenants:

Visual Connection

Eye contact is vital for successful face-to-face communication, whether you are the listener or the speaker. Studies show that listeners are more likely to trust what you say and have confidence in your abilities when you visually connect with them.

As you listen, eye contact becomes equally important. When you fail to make eye contact with your residents, you risk conveying:

◾“I’m too busy to pay attention to you.”

◾“Oh look… someone else is walking in the door.”

◾“You’re unworthy of my attention.”

Lack of eye contact can put a resident in defensive mode and ready to counter-attack. This can quickly turn a simple complaint or concern into an argument. The resident will be harder to please and more likely to express aggression. While eye-contact alone won’t solve problems, it can help you avoid them.

Engaged Listening

Since you will want to make eye contact while listening, it’s important that you’re actually listening. A blank stare is a dead giveaway that you’re thinking of other things rather than paying attention to their needs. Engaged listening—hearing, processing, and responding appropriately—builds confidence and empathy during conversation.

When you are a good listener you will notice that listening and handling resident concerns plays a crucial role in resident retention. We will not be successful in our jobs if we do not listen to the tenants, to their complaints, to the good and the bad, and actually make an effort to do something about it.  People most of the time just want to be heard and know that you are listening. 

Accountability

When tenants come to you with an issue, try to address their concerns without passing the responsibility on to someone else. Remember: your renters are not a distraction. They’re your business! When you see a resident through his or her concerns from start to finish, you build a relationship of trust and accountability. You also demonstrate integrity on behalf of your company.

If for some reason you can’t help the resident, see him or her through the introductions needed to reach the right person. When doing so, you can vanquish the frustration that many renters feel when they are given “the run around.”

What is your team doing to improve communication between staff and residents? 

Here are Top Notch Property Management & Sales, communication and relationship building is the foundation of what we do.  Call us today to found out more.  

928-772-4801

TopNotchPrescott@gmail.com

www.TopNotchPrescott.com

Let's Talk Property Management & Rental Market

Let's talk Property Management and the Rental Market!

Overall, Arizona is doing well with growth in the rental market.  Rents have increased due to the influx of people moving into the State.  Prescott and Yuma saw the largest increase of 5.6% and 8.5%.  Phoenix increased 3.3%.  Flagstaff and Sierra Vista saw a decline and Tucson only gained 1%.

Why do people love Prescott?  Prescott has a combination of great weather, access to biking, walking trails and still the small town feel.   It is inviting, functional and overall the people are great.  I moved into Prescott about 16 years ago and still feel like I am on vacation.

Prescott is inviting which has created a double edged sword.  People love it here, and hear about it and want to move here BUT inventory is low for both re-sale homes and rentals.  If you have a property to sell or rent out, NOW IS THE TIME!  The statistics show it and we see it as we monitor the market.

Who do you trust to rent out your home or investment property?

It can be a tough decision.  Here is a guideline of a couple of questions to ask when you interview a Property Manager to take care of your home or investment property:

1)  What type of communication should I expect?
Communication is key and the number one complaint from owners.  You should expect to be kept informed of every step of the way.  What type of marketing and activity did you have this week on your property?  Do you even know when you have an approved application?  Did you get a copy of the signed lease.

1)  What type of education do you require of your team?
Property Managers that invest in their time for education are proud of their knowledge and this is a large benefit to you, the client.  When there are situations that may occur, their knowledge will be tested to come up with a solution to benefit all parties involved.   Have a thinker on your side!

2)  Are you familiar with the law?
Hire a property manager that is familiar with the ins and outs of the Residential Arizona Landlord Tenant Act.  Will they be able to protect your asset when needed?  Acting within the appropriate time lines will save you money as well.  If a time line is missed, tenants can use the system to stay at the property for free.   Knowing the law is priority!

3)   Do you inspect my property regularly?
Hire a Property Manager who has your asset protection in mind.  Inspections should be done before a tenant, during a tenant and after a tenant.  They are your eyes and ears to the property.  You should be regularly informed of any deferred maintenance items and have the ability to maintain your property as required by the law and for asset protection.  If your property is not looked after then you could spend thousands at one time in preparation of a sale or to bring the property into good condition.   Inspections during a tenancy also reduces the risk of damage, unauthorized pets or roommates in the property.  They should be looking out for your best interest!

There are many other questions you can ask a Property Manager.  Be prepared and take the time to properly interview.  Real Estate is an expensive and large asset, it should be cared for by someone who takes it seriously and knows how to protect it.

Top Notch Property Management & Sales would love to interview with you.  Come learn why we are Top Notch, why we put our clients first, how your property will be maintained and why knowledge is the key to good Property Manager.

There is more information on our website at www.TopNotchPrescott.com 

Or Call us at 928-772-4801 anytime.

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