With tenant turnover rates going through the roof, many orange county property management companies have started to ask themselves what they are doing wrong. The answer may be that they're doing nothing wrong per se, but that they are not doing enough period to induce an individual or family with a strong rental history to stick around. The fact of the matter is that the property management orange county industry is highly competitive and the presence of many different promotions, specials, and added value offers make it easier for a person to leave for a new place instead of staying comfortable in their rented home. However, there are some things that can be done to lessen the turnover rate and reward a person that is a solid renter.
Believe it or not, the first step to keeping the good renter involves no money or perks at all. In today's modern rental situations, what's often missing is a personal touch and a simple monthly visit can create a connection between the renter and the management company and develop a more true sense of home. Having an employee stop by on a regular basis for the sole reason of asking if there are any problems or anything that can be improved will help to remove the isolation of living in a rental community and further strengthen the ties a person has to their particular unit and neighbors. Along the same lines, holding a monthly get-together for all residents can have the same effect.
If building a personal touch isn't enough, money in the form of savings can be a heavy motivator. Using referral bonuses and special deals for renters in good standing can make a world of difference. An example of a good promotion would be a free month for a person that pays their rent on time every month for two years. If they finish the first year without being late, then the promise of a free month after the next year could be more cost-effective for them than switching to a new place with a lower monthly rate. Another option is being willing to match a competitor's offers to keep the unit from staying empty for months at a time.
How to Keep a Good Tenant