Security deposits need to be sorted and returned to departing tenants, the first month’s rent needs to be collected from new renters, credit and background checks need to be confirmed, and in between, maintenance may need to be done on the property. When one lease ends and another begins, there’s a lot of work that needs to be done that can lead to a very busy and stressful time. The tip that is especially relevant at this time, is to not increase the rental price where possible, or even to reduce rent slightly to encourage current Chicago tenants to re-sign for another year. Small gestures such as birthday wishes, expressing thanks for good tenancy, and happy holiday sentiments can make a lot of difference when it comes around to discussing re-signing.Īs Chicago emerges from the global pandemic, financial concerns are on everybody’s minds after the past year’s uncertainty. If you have particularly quiet tenants who tend to not submit these queries, then try proactively reaching out to inquire if everything is going well and if there is anything they need to improve their quality of life in the property. ![]() By responding to maintenance requests, general questions, and complaints in a timely, friendly and professional manner you will create a positive relationship with your tenants that is essential to building a sense of trust, security and loyalty on both sides. If you want to minimize turnovers, lease to renters who are stable and have a history of living in one home for more than 1 year, and avoid month-to-month leases.Ĭommunication is the next most important factor in maintaining tenants’ happiness and comfort in your property. Also, try to keep out renters who move frequently from one home to the next. In other words, signing a lease with bad tenants is just setting yourself up for quick, expensive turnover. Bad tenants can end up needing to be evicted in the worst case scenario, or at the very least, non-renewed. Responsiveness, trust, and a nicely maintained property are the not-so-secret ingredients to this.įinding great tenants is the first step and our previous blog post outlines the best screening processes for this. This can be created either through a great professional management company or individual landlords. The key to this starts from the beginning of their tenancy, by creating a great relationship with them. ![]() You want them so comfortable in your property that the idea of moving is a headache they would only consider under the most dire circumstances. ![]() The key is to retain your good renters for the long term. So how can you minimize your turnovers and keep your properties occupied at (nearly) all times? The bottom line is that turnovers will devastate your Return on Investment (ROI). If you hire the help of a leasing agent or property manager, they will charge you a month’s rent/rental commission for their work too.
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