There are a lot of ways rental property owners can increase what they earn on their Tampa investment properties. Most owners know that pricing their homes competitively, attracting great tenants, and paying attention to preventative maintenance and routine upgrades will raise their ROI.
Those things are important, but one thing owners tend to neglect is communication. You may not realize how critical good communication is to the effective management of your property and your ability to earn more and spend less on the rental home.
Good Communication Creates Tenant Retention
Tenants expect and need communication that’s clear, accurate, and responsive. If you ignore calls and messages from your tenants, you’re going to lose them. It’s important that you’re responsive to their needs, whether it’s a maintenance request or a simple question about how to deal with the utility companies.
Be a resources to your tenants. When you keep in touch with them, you’re letting them know that you care about their rental experience. They shouldn’t only hear from you when rent is late or when you’re trying to schedule an inspection. Thank them every time they pay on time. Communicate your appreciation that they’re taking good care of the property. Check in once in a while to see if there’s anything they need. This will help you keep your tenants in the long term, which is good for your ROI. When tenants renew their lease agreements, you have fewer vacancy, maintenance, and turnover costs.
Good Communication Eliminates Conflicts and Misunderstandings
You need to communicate with your tenants before they even move into the property. This will save you money and time. If you leave your tenants alone to read the lease themselves, you can’t be sure they’ll actually check when rent is due or what’s required when they move out. But, if you explain some of the most important parts of the lease agreement to your tenants in person or in writing, everyone will be on the same page and aware of what the expectations and responsibilities are.
Talking to your tenants about when rent is due and how to follow the terms of the lease agreement will save you from having to chase down late rent and begin evictions. That saves you money. Showing tenants how the property works; where the water shut-off is and how to change the air filters, will save you on maintenance costs, allowing you to increase your ROI.
Property Management Technology Helps Communication
The right technology can help owners communicate better with their tenants. If you’re using a professional Tampa property management company, you’ll have access to accounting software and online portals, which will help your property manager communicate efficiently and effectively with both tenants and owners.
If you are managing on your own, you may not have the resources to invest in sophisticated property management software. But, you can still help your bottom line by making yourself available to tenants, vendors, and other community partners online and through platforms such as social media. Be willing to meet people where they are. Increasing your ROI requires creativity and innovation.
We have some more ideas on how to earn more with your Tampa rental property. Contact us today at Real Property Management Instant Equity.
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