So many companies can help you construct a new property, but not all of them can stay with you long after the work has been done. Only a few reputable names can help you even when you decide to earn money using your property. You can offer your property for rent and make money, but it is important to understand how you can increase the retention rate to get the best return on investment. Here are some tips offered by a construction and property management company, TPM Builders Commercial Construction.
Survey TheMarket
Market surveys are important if you want to retain your tenants for a longer time period. If your rental charges are higher than the other apartments in your area,you are likely to lose your tenants as they would prefer an apartment with lower rental charges. Here your friendly and caring attitude towards your tenants will most probably fail to help you in tenant retention.
Market surveys also help you in knowing what facilities are being offered to tenants by other landlords in your area. If you are unable to provide sufficient facilities to your tenants, you won’t be able to attract good tenants. The best way to get an idea about the facilities being offered in your neighborhood is to visit the vacant apartments available for rent personally. Observe what is offered there with what you are offering and you will be able to comprehend your position in the market.
Use Reviews
Reviews help you in knowing the current demands of the consumers and their prospects of the service. Take reviews from your current tenants and the previous ones about their experience at your space. Ask for the opinions of other tenants of the area as well. While taking their feedback to ask them about the facilities, they want to have at their rental apartments and if necessary a home renovation is required. Note down their suggestion and demands for better planning in the future.
Take detailed feedback from the people leaving the space to exactly know the shortcomings at your end and also investigate about the facilities that attract them at their new rental space. This way you will able to know the current demands of the people looking for rental space and the improvements and modifications that are required at your end.
Neighborhood Friends Invitation
Friends and family living in the same neighborhood is the dream of many people adding value to the property. People living far away from their families often have to travel miles to meet them. If you are planning to buy multiple apartments, try to buy them in the same building or in nearby buildings. Offer a discount voucher to the tenants who refer a new one.
Also, introduce shifting allowance to the people from family and friends of the current tenant. This way your tenants will be more interested in convincing their friends and relatives to move near them.
People are living in the neighborhood matters a lot as they impact the overall environment of the place. Tenants living in a close neighborhood with families around are less likely to move away from the place,and you will be able to have multiple long-term tenants.
Screening Tenants
Screening the tenants before handing over your property is very necessary. You should carry out a detailed investigation of the tenants interested in your space before signing a lease agreement.
Look into the financial resources of the probable tenants to ensure they will be able to pay rent in the long run. Check out their conduct history from the owners and neighbors of the old space to avoid any issues in the future. Follow their moving out history to know either they are reliable tenants or the ones who tend to move away frequently.
These efforts may seem unnecessary,but they will save you from signing a lease from bad tenants and protect you from future inconvenience.
Personalize Your Dealings
Keep a reference file of your tenants and record the personal details that they share with you casually. Refer to it before visiting or calling your tenants and ask them about their personal affairs. For instance, ask them about their health issues if any, or discuss the progress of their business.
Your interest in their lives will move them closer to you,and they won’t want to leave such caring people unless it is necessary.
Curbside appeal ideas for any property establishes the entire tone with simple yet sophisticated design features. Whether it’s a traditional Indian home or a stylish contemporary look, one can achieve a great curbside appeal with different styles and methods. Be it traditional Indian home or a stylish contemporary look, one can approach organizing a great […]
When it comes to modern interior design, subtle details can make a big difference. One such element gaining popularity is the decorative wall panel. These panels have become a go-to option for designers aiming to introduce texture and style into spaces without overwhelming them. While they are versatile enough to fit into both residential and […]
Tesor Designs shares their passion for crafting spaces that are both elegant and functional. Tesor Designs is a design firm based in the city of Bengaluru. The firm specializes in creating spaces that beautifully blend contemporary design with traditional elements. Their design approach emphasizes thoughtful curation, ensuring that every detail of a space serves both […]
How to Renovate an Indian Kitchen is an uphill task as kitchens are known for their vibrant and functional design in India. They are considered the heart of many homes. Where meals are more than just daily bread — they are a celebration of culture, family, and tradition. Renovating an Indian kitchen involves a careful […]
The door design for main door is a defining feature of any Indian home, embodying both style and cultural significance. In a country rich with diverse architectural traditions, the entrance to your home reflects not only personal taste but also cultural heritage. Whether you’re drawn to the intricate carvings of traditional Indian door designs or […]
Wall Moulding Design is a great way to amp up your space and elevate the overall look of your home. There are a wide range of moulding designs that can add a distinct character to your space. Wall moulding design comes from different kinds of materials, such as PVC, plaster, wood, etc. The right choice […]
Rooftop design ideas open up an interesting world for your roofs or terraces to be meaningful and beautiful at the same time. In India, rooftop design ideas hold immense potential to address critical challenges and enhance community well-being. By integrating solar energy generation, green spaces, and rainwater harvesting, rooftops can contribute significantly to sustainable urban […]
The integration of screening evergreen trees serves as an artful blend of practicality and natural beauty. These screening evergreen trees, with their lush foliage and diverse benefits, play a crucial role in enhancing privacy. It also blocks unwanted views, and contributes to the overall well-being of homeowners. From the majestic Jamun trees to the versatile […]
Gate Design is an important feature of any home. Numerous scopes for experimentation open up when delving into the design possibilities. Materials like wood and black steel are popular options in Indian homes. At the same time, designers also experiment with a combination of materials that suits their aesthetic. Buying mass-produced gate design has become […]
Hyderabad is a city that boasts a rich and diverse architectural heritage that has been shaped by its history and cultural influences. The city has been ruled by various dynasties, including the Qutb Shahis, the Mughals, and the Nizams, who have all left their mark on its architecture and influenced young architects in Hyderabad. The […]