Keeping long term tenants to increase the profits of your Bay Area rental
Tenants who are in it for the long-haul are clearly a desirable bunch to have. As a full-service property management company serving landlords in San Francisco, Oakland, and locales throughout the Bay Area, we have found unsurprisingly that long term tenants are good custodians of the units they occupy, reducing the likelihood of damages we would expect to find in the wake of more transient residents. Of course, by virtue of the fact they stay implanted, long term tenants make regular rent payments without interrupting the landlord’s income.
Long term tenants are also more likely to obtain renters insurance, a topic we covered in an earlier post. There, we debunked the common misconception that renters insurance only protects the resident’s “stuff,” when in fact, it also includes liability coverage. This is a big sigh of relief for landlords when something calamitous occurs.
For instance, a guest falls on a frayed carpet in the hallway and is injured. These policies may also cover housing costs if the tenant has to be temporarily displaced during repairs, and so renters insurance is a bit of a misnomer, as it carries a host of benefits for owners, as well.
Finding and retaining long term tenants is difficult, but Bay Property Group has this.
Ironically, ensuring long-term tenancies begins before the inception of the relationship. Although we have technology at our disposal that can put a finger on raw credit score and other metrics, as well as identify red flags, technology cannot be used as a crutch. A culture of amnesty has led to state laws and a cooperative effort between the credit bureaus to sometimes conceal judgments, evictions, and other data points. Daniel touches on this topic here.
Translation for landlords: Bay Property Group will do our due diligence in evaluating rental applicants relying not only on technology that can be flawed, but also by using some old-fashioned personal sleuthing by talking to past landlords and the like.
It’s a difficult enough feat to attract the long term tenant, but the real challenge is in keeping them happy.
When something breaks down, tenants need quick resolutions to maintenance issues. We noted earlier that while leasing agents can welcome tenants into their new surroundings, he or she will be conspicuously absent in responding to maintenance requests – that’s the domain of Bay Property Group.Our 24/7 maintenance team can quickly address any glitches and despite its shortcomings, this is where technology shines through as residents stay happy with a tenant portal that gives them self-service options to submit maintenance requests with the click of a button.
Open communication is always a hallmark of a good rental relationship, and one we strive for to maintain the longevity of the tenancy. If there is any friction that arises, you can rely on a conduit to proactively address the concerns early on and not let the situation fester.
We’ve always likened landlord-tenant squabbles to be like a game of tug-of-war. The harder each side pulls on the rope, the tighter the knot becomes. The goal at Bay Property Group is always to untangle the knot before the situation is enlarged.
There are still other tips we can dispense, but we’ll reserve them for later posts – stay dialed in.