Benefits of using a property manager Part two: Tenant Retention

Benefits of using a property manager Part two: Tenant Retention

Avalon Realty & Oaktree Management has a very high tenant retention rate. Our current tenants have been renting an average of 3 years – varying from 1 to 18years and 20% of our tenants have been with us over 5 years!

You are a crucial part of their decision to stay. Tenants stay in a home because they feel cared about and because they like where they live. If you don’t treat them right and don’t take care of problems that come up, they will more than likely be looking forward to the day they can give their 30 day notice. Happy tenants stay and that translates to more money in your pocket!

The turnover process does not only mean a loss of rental income but also involves hard costs of re-keying the locks, making repairs, perhaps re-painting or re-placing the flooring; not to mention the costs associated with re-renting the property such as advertising, leasing fee and MLS co-op fee! A vacancy is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.

Streamline Rent Collection Process

The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring a property manager, you put a buffer between yourself and the tenant, and allow them to be the bad guy who has to listen to excuses, chase down rent, and when necessary, evict the person living in your property.

We will address more about the saving in legal costs in our next installment of Benefits to having a Property Management Company here in Las Vegas.

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