Here’s How to Keep Them
Not Rocket science rather, treat people the way you want to be treated as a starter. However the most important issue in property management, is to screen well. You need to make sure you are putting the right people in your properties, otherwise you will be in for a world of hurt both financially and emotionally. In our case, most of our properties are let to social housing organizations that are funded by the Home office. They manage the tenants, they virtually do everything once the property is turned over to them. Yes we have alot of inspections and hoops to jump through as it is worth it as we have 5 and 10 year leases. Thats the good news. The bad news is that banks dont like lending with these leases. This is why we sell for cash to our Hong Kong Investors.
Once the right tenants are in your properties, the next most important thing is to keep those people. This can be done through quality customer service—which is, for the most part, just quality maintenance. As per our lease we do not have to take care of maintenance other than structural. However if a structural issue does come up such as shifted roof slates we are immediately on top of it with good communication with the social housing groups and our builders.
Majority of property managers just sit around and wait until it’s time to renew before asking their tenant if they would like to—at a higher rent the tenant didn’t see coming. However since we are on 5 year and 7 year contracts as in 2019 we recieved new leases via the mail and please sign. We held the properties for 5 years and then had an automatic renewal. How nice. Combine this with no voids..no management and virtually no maintenance , this makes our job of simply supplying more properties easy.