Do not believe the hype. Bloggers and influencers will have you thinking the Palm Springs real estate market is in a massive freefall thanks to a local law change. This is not quite the case and requires more context.
While short-term rental owners must adhere to strict restrictions, you do not have the same struggle with a long-term tenant. However, you do have to figure out how to keep a high-quality tenant in your rental. These rental property tips will help you improve your leasing management strategy for a successful landlord experience.
Maintain Responsive Communication
Tenants want to feel like you care about them. Being responsive is one of the best tenant retention tips for showing that you are invested. Establish early on the best communication method to ensure open communication.
Choosing a preferred communication method prevents you from missing tenant messages. When a tenant messages you, respond within 24 hours. Include an answer to their questions and set expectations for issues you cannot immediately resolve.
Utilize an Online Portal
We live in a world of technology, and your tenants will find it frustrating that you have not kept up with the times. Maintain an online portal your tenants can log into to manage their accounts. Online portals offer several benefits:
- Easy rental payments
- Maintenance request tracking
- Communication records
- Rental document management
- Streamlined lease renewal
Maintain Your Property
You want to live in a lovely home, and so do your tenants. Neglecting your rental property's maintenance needs will frustrate your tenants and have them looking for somewhere else to live. Not performing much-needed maintenance tasks will also reduce your investment property's value.
Create a schedule for maintenance tasks that include monthly, quarterly, and annual tasks. Maintain an emergency fund for unexpected maintenance and repair needs. You never know when your rental home's AC unit will die during a famous record-setting heat wave.
Provide Value for Cost
In a competitive rental market, your tenants may find another rental that gives them more value for their money. To encourage your tenants to stay, you need to provide them with benefits they value. Implementing long-term tenant strategies will help you improve your rental's competitiveness year over year.
Start by comparing your rental pricing and included amenities to comparable rental properties in the Palm Springs market. Research the services and amenities that tenants want the most. Then, adjust your pricing and offerings based on your findings.
Hire Leasing Management Services
Keeping quality tenants in your rental home requires time and effort. Start by embracing technology for tenant management. Be responsive with your communications and proactive with your maintenance tasks.
While you could perform all of these tips on your own, hiring a leasing management service can make things easier. The PMI Beverly Hills team in Palm Springs, CA, understands what it takes to succeed in the local market. Our property managers create custom strategies for each property to ensure its success.
Place and keep great quality tenants in your rental with the experienced local guidance of the PMI Beverly Hills team.
