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The 4 Stages of the Renter Life Cycle, and How to Get the Most out of Every Stage

Many property managers spend a lot of time attracting tenants. From taking the right photos to video tours, there are a lot of cool ways to attract tenants to your property. But, your job doesn’t start and end when your tenants sign a lease.

There are actually 4 stages to the renter life cycle, and it can really pay off in the long run to pay attention to each and every one.

  1. Courtship

As mentioned earlier, this is what many property managers spend the most time on. Taking pictures is important, but you should also show prospective renters additional benefits of your property.

Do you have any rent incentives or referral programs? Can you refer them to glowing testimonials of your business? For many renters, it’s more about the details than it is the trim in the kitchen.

  1. Move-in

How easy do you make it to move in? Are you willing to drop off the keys at the property? Do you partner with a truck rental business in the area to offer special deals to your renters?

  1. The first 30 days

Go above and beyond to make your renter feel like a rockstar those first 30 days. Deal with any concerns promptly, have a strong presence on property, and check in to see how they’re doing in their new home.

  1. Property changes

Most tenants don’t want to be bothered needlessly. After the first 30 days, send updates through email or text alerts, but avoid being too intrusive. If you want to go above and beyond, host a barbecue or send out special holiday thank-yous to your tenants.

Each stage takes a different approach, but by mastering each approach, you can find renters faster and keep them for longer. That will enable your property management business to be successful for many years to come.

Posted by: mountainviewpm on August 25, 2017
Posted in: Uncategorized