• Ways to Insure that Your Tenants Happily Renew Their Lease Ways to Insure that Your Tenants Happily Renew Their Lease

    0 comments / Posted on by Steven Rivera

    Ways to Insure that Your Tenants Happily Renew Their Lease

    Create Your Lease Renewal Strategy

    While your focus is on giving tenants what they want, being professional, and responding quickly to maintenance tickets, you might still see a parade of tenants leaving. A lease renewal strategy can help you keep tenancy rates up, and avoid losses.
    Hopefully you already have some tools to help you know who is showing signs of leaving. Because once they’ve made the decision, it may be too late to react. Reaction in business is never good. Proactively keeping tenants is your foremost task and this post might be a big help.

    Real Value

    Renewing leases is a whole lot cheaper and less time consuming than trying to acquire a new tenant.  The cost tenant turnover can be steep.  Consider 1 month of lost rent, cost of ads, time to show the unit, clean the unit, renovate or fix, along with onboarding, and it could equal 2 months rent at least.
    Think about your tenant retention strategy. Consider these points below, and then create an action plan that works for you. That’s a plan that will survive.

    Continuous Support 

    Your ongoing tenant communications strategy starts right when they move in. If you continuously communicate and reinforce your unique value proposition, tenants get a laser clear idea of why they should stay put.

    And tenants do leave unwisely. They get seduced by other property managers and developments and about feeling better in a new location. Hopefully, when you get feedback, you’ll learn about which apartments/developments they feel are better than yours.

    ...

    Create Your Lease Renewal Strategy

    While your focus is on giving tenants what they want, being professional, and responding quickly to maintenance tickets, you might still see a parade of tenants leaving. A lease renewal strategy can help you keep tenancy rates up, and avoid losses.
    Hopefully you already have some tools to help you know who is showing signs of leaving. Because once they’ve made the decision, it may be too late to react. Reaction in business is never good. Proactively keeping tenants is your foremost task and this post might be a big help.

    Real Value

    Renewing leases is a whole lot cheaper and less time consuming than trying to acquire a new tenant.  The cost tenant turnover can be steep.  Consider 1 month of lost rent, cost of ads, time to show the unit, clean the unit, renovate or fix, along with onboarding, and it could equal 2 months rent at least.
    Think about your tenant retention strategy. Consider these points below, and then create an action plan that works for you. That’s a plan that will survive.

    Continuous Support 

    Your ongoing tenant communications strategy starts right when they move in. If you continuously communicate and reinforce your unique value proposition, tenants get a laser clear idea of why they should stay put.

    And tenants do leave unwisely. They get seduced by other property managers and developments and about feeling better in a new location. Hopefully, when you get feedback, you’ll learn about which apartments/developments they feel are better than yours.

    ...

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  • Attributes to Look for in a Commercial Real Estate Broker Attributes to Look for in a Commercial Real Estate Broker

    0 comments / Posted on by Steven Rivera

    Attributes to Look for in a Commercial Real Estate Broker

    Most cities are full of commercial real estate brokers that have a great deal of experience, market knowledge, tools, & resources. Many are also very busy and maybe are not as transparent as you would like them to be. Below are 5 things to consider as you interview your next commercial real estate agent.

    The Experience You Need on Your Side

    25 years of “real estate” experience is not the same as 25 years of experience doing site selection and negotiating commercial lease terms and contracts. For example someone with 8 years in residential real estate experience and 2 years as a commercial realtor is not the same as a person with 10 years doing ONLY commercial real estate. Additionally if a brokerage company has a combined 50 years commercial real estate experience does not mean that the person assigned to you has 50 years. That person could be new and only have 1 year under their belt. They key is to ask specifically who you will be working with and what their experience is in the niche you are looking for.

    No Conflicts of Interest

    Most commercial real estate companies are full service meaning they represent tenants and landlords. This has the potential to be a conflict of interest. What if the tenant representative working for you worked for the commercial real estate company who lists the property that you are negotiating for? Your agent sits in the desk next to the agent that is listing the property. Sounds...

    Most cities are full of commercial real estate brokers that have a great deal of experience, market knowledge, tools, & resources. Many are also very busy and maybe are not as transparent as you would like them to be. Below are 5 things to consider as you interview your next commercial real estate agent.

    The Experience You Need on Your Side

    25 years of “real estate” experience is not the same as 25 years of experience doing site selection and negotiating commercial lease terms and contracts. For example someone with 8 years in residential real estate experience and 2 years as a commercial realtor is not the same as a person with 10 years doing ONLY commercial real estate. Additionally if a brokerage company has a combined 50 years commercial real estate experience does not mean that the person assigned to you has 50 years. That person could be new and only have 1 year under their belt. They key is to ask specifically who you will be working with and what their experience is in the niche you are looking for.

    No Conflicts of Interest

    Most commercial real estate companies are full service meaning they represent tenants and landlords. This has the potential to be a conflict of interest. What if the tenant representative working for you worked for the commercial real estate company who lists the property that you are negotiating for? Your agent sits in the desk next to the agent that is listing the property. Sounds...

    Read more