An estimated 62% of Prince George's County homes are owner-occupied. For renters, that means the competition can get pretty steep.
Does that means that Marlboro-area property owners can coast knowing they won't face a shortage of rental applicants? At the end of the day, you're always better off retaining the tenants you have than filling high vacancy rates each year.
The key to keeping your tenants is fostering strong tenant relations. When tenants are happy with their rental properties and trust their landlords, they're more likely to stick around.
How can you improve the tenant experience this year? Read on for the most important steps toward better tenant relations.
Streamlined Communication
Tenants need to know how to reach you, whether that's to ask questions about the lease or report maintenance requests. They need a phone number to call in emergencies and an easy way to pay rent on time.
An online tenant portal can streamline the vast majority of your tenant communications. You'll never miss a maintenance request and they'll never miss a rent payment.
Lawful Practices
Enhancing communication is a great way to improve tenant satisfaction. Staying on top of the latest federal, state, and local landlord-tenant laws is a crucial way to avoid liabilities and major fallouts.
For example, Prince George's County landlords can't raise the rent more than 3% per year in 2024 and 2025. Attempting to raise the rent further could not only anger your tenants, but it could lead to expensive and reputation-damaging legal action.
Better Maintenance
New property investors often make the mistake of assuming tenants are responsible for property maintenance. While your tenants have a responsibility to keep the place clean and prevent unreasonable damage, most maintenance falls on you. This includes:
- Plumbing
- Electrical
- Gas
- Appliance repairs
- Structural repairs
You have a duty to ensure that your property is safe and habitable. Tenants can help by reporting issues they notice as they arise. The more cooperative you are in addressing those issues, the more likely they are to give you a heads-up.
Outsourced Improvements
Maybe this sounds like more involvement than you were expecting or have the time for. When you don't have the personal resources to better your relationship with tenants, it's time to outsource the property management role.
Property managers can turn your real estate portfolio into a source of passive income without sacrificing the well-being of your tenants. If you're ready for a professional boost, it's time to partner with the professionals.
Call PMI to Build Strong Tenant Relations
When there's no shortage of potential renters, it's easy to let things like tenant relations slide. However, there's nothing more profitable to rental property owners than the tenants who renew their leases year after year. If you're ready to take your investment portfolio to a whole new level, PMI can help.
PMI is proud to offer localized property management services based on a time-tested, nationwide approach. We make it easy to customize your property management services, whether you want the full scale or specific support. Contact us to learn more about how we can help.
