Tenant Marketing and Retention

Attracting and keeping the right tenants is what property management is all about. This is one of the most valuable services that a firm can provide, so it’s important to make sure that you’ll be getting your money’s worth by examining their process for each task. Here’s a list of issues to review and questions to ask any property management firms that you interview.

Where do you advertise your rental listings?

The more exposure the better, unless the management company is billing you to advertise in places and ways that aren’t effective. Expect your listings to be on numerous paid and free websites, and expect your manager to use offline channels as well, such as:

  • print classifieds
  • signs
  • the MLS
  • fliers
  • a 24-hour hotline where prospective tenants can listen to detailed information about the property

How effective are your ads? 

It’s a good idea to find some of the property manager’s rental ads to see if they stand out from the competition. How informative and compelling are they? Any management company can list basic information on multiple websites. You need a company that understands how to optimize their advertisements for maximum impact. The ads should include all the information required to answer people’s questions, but they should also incorporate good copywriting that engages the reader on an emotional level.

What’s your current vacancy rate?

This is very telling. If the company can’t get or keep other people’s tenants very well, there’s no reason to think that yours will be any different.

How long does it usually take you to fill vacancies on average?

If it’s longer than a month, keep looking. Regardless of what they tell you, there’s no guarantee it will hold up.

What’s your cost per lead?

If they can readily provide an answer, you know you’re dealing with a manager who closely tracks the impact of their marketing and advertising dollars.

Who fields inbound leads resulting from rental ads?

A property manager’s system is only as good as the weakest link in the chain. If well-placed and well-written rental ads direct leads to someone unqualified to handle them, then all that effort is wasted.

How quickly do you return prospective tenants’ calls and emails?

The shorter the better. You’re looking for a property management company that’s aggressive in responding to and nurturing leads at every point in the sales cycle. This can be an area of weakness for companies who are less sales-oriented, and if neglected, it’ll mean longer vacancy periods. If you want to test the answer they give you, ping the info on one of their ads and see how long it takes them to get back to you.

What do you do to prepare a home for showings? Do you take steps to ensure optimal presentation both inside and outside?

Showings are where tenant decisions are made, so you want your management company to pay attention to the details that matter.

Will you show a unit if it’s occupied?

This is advisable as long as the current tenant is informed, the unit is presentable and the necessary precautions are taken to minimize the intrusion and disturbance. If the unit is showable, then ads should be placed prior to the move-out date so the vacancy period is minimized.

Who shows the units, and do you allow unsupervised showings from a lock box?

Successful showings require the manager to be organized and ready to sell. Prospective tenants will have lots of questions about the property, the neighborhood, the lease, etc. You’ll want to hire a manager that’s able to answer these questions and sell tenants on the benefits of the property. Using a lock box for showings hampers this process and also introduces the risk of vandalism, theft and rental fraud when unsupervised tenants enter your property.

How many times will you show the unit during the week and the weekend?

Watch out for managers who are not willing to put in the time necessary to maximize the number of showings for your property.

What kind of a tenant retention program do you have in place?

Increasing average tenancy periods will be a huge boost to your business. This translates to fewer turnovers and lower tenant placement costs. It also ensures a steady income stream and usually means that you have responsible, well-behaved tenants. Pay careful attention to how the property manager answers this question. Does it seem like tenant retention is a priority or an afterthought? A good retention program involves providing quick responses to tenant needs, establishing regular contact to assess needs and ask for feedback, providing appropriate financial incentives, giving notice that rent increases are coming, and being willing to explain rent increases. Additional touches that engender goodwill include seasonal cards or gifts, a welcome packet and a newsletter.

As any landlord veteran will tell you, if your unit is priced reasonably, getting applicants is easy. It’s finding QUALIFIED tenants that’s challenging. 

What should you expect from a management company when it comes to tenant screening? Our next post will explain that in detail.

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The Realty Medics are the nation’s leaders in “Rocket Science Renting”: Rocket Science Renting is about keeping your life simple by letting someone else handle the complex work of property management for you. It’s knowing that your property is running smoothly, with no hiccups or glitches. It’s hyper-responsive customer service that gives you property management peace of mind. It’s advanced technology that could only be designed by a former NASA engineer like our owner, Ben Sencenbaugh. And it’s knowing that you’re always getting maximum value and ROI for your investment.

Orlando Property Management Hiring Guide

BASICS OF PROPERTY MANAGEMENT

  1. 11 Questions for Determining if You Need a Property Management Firm
  2. Property Management Services: A Complete List
  3. What Are the Benefits of Using a Property Management Company?

WHAT TO LOOK FOR IN A FLORIDA PROPERTY MANAGEMENT COMPANY

  1. Property Management Fees, Part I
  2. Property Management Fees, Part II
  3. Handling Tenant and Owner Funds
  4. Setting and Collecting Rent
  5. Property Maintenance and Repairs
  6. Property Inspections
  7. Tenant Marketing and Retention
  8. Tenant Screening
  9. Examining the Organization: Background, Qualifications, Portfolio
  10. Examining the Organization: Size, Staff, Customer Service

WHAT TO LOOK FOR IN A PROPERTY MANAGEMENT CONTRACT

  1. Responsibilities and Representations
  2. Contract Termination
  3. Indemnification and Boilerplate Items

Let us handle the rocket science of renting for you!

CONTACT US

The Realty Medics
10027 University Blvd
Orlando, FL 32817

Phone: (321) 947-7653
FAX: (407) 965-3312

The Realty Medics are the nation’s leaders in “Rocket Science Renting”: Rocket Science Renting is about keeping your life simple by letting someone else handle the complex work of property management for you. It’s knowing that your property is running smoothly, with no hiccups or glitches. It’s hyper-responsive customer service that gives you property management peace of mind. It’s advanced technology that could only be designed by a former NASA engineer like our owner, Ben Sencenbaugh. And it’s knowing that you’re always getting maximum value and ROI for your investment.

More from the guide

11 Questions for Determining if You Need a Property Management Firm
Property Management Services: A Complete List
What Are the Benefits of Using a Property Management Company?
Property Management Fees, Part 1
Property Management Fees, Part II
Handling Tenant and Owner Funds
Setting and Collecting Rent
Property Maintenance and Repairs
Property Inspections
Tenant Marketing and Retention
Tenant Screening
Examining the Organization: Background, Qualifications, Portfolio
Examining the Organization: Size, Staff, Customer Service
Responsibilities and Representations
Contract Termination
Indemnification and Boilerplate Items

Areas We Serve in Florida

We’re happy to serve many of the surrounding areas here in Central Florida. Below are the current cities and locations that we operate in. If you don’t see your area listed, don’t hesitate to reach out to us and we’ll see if we can work together.

The Realty Medics Guarantees

We are very proud to be the highest rated and most reviewed Property Management company in Central Florida. We guarantee results and have the lowest rates to support our results-driven philosophy.

14 Day Rental Guarantee

If we don’t rent your home in 14 days you get one month FREE management.

90 Day Money Back Guarantee

If you, the Owner, is unhappy for any reason, we will refund your management fees

12 Month Tenant Guarantee

If a tenant is removed in first 12 months, We find you a new tenant free of charge.

Pet Damage Guarantee

If a pet causes any damage to the property, We will cover this damage above the security deposit up to $1000.*

* See full details in Rental agreement