Assessing the Impact of Low Tenant Retention

Most property owners know that it is financially detrimental when a tenant moves out. After all, there will be at least one month of rent that is lost during the transition. However, it can be more when you take a look at the bigger picture. For example, one Scottsdale rental property owner examined the following line items that appeared each time a rental went vacant and this is what was found:

    Are You Handling Deposits Properly?

    If you are a rental property owner in the Phoenix area it is likely that you have handled your fair share of security deposits or hold deposits. What you may not know is whether you handled them properly. While the laws of various states can be confusing, Arizona's are fairly straightforward. You can only ask for one and a half months' rent, you must return it within 14 days of vacating (along with an itemized statement of any deductions), and you cannot discriminate where deposits are concerned. In other words, you cannot demand that someone with children pay more than someone without.

    Blogging and Rental Property Owners

    Did you know that your rental properties should have an online presence? Did you know that they should have a brand? And did you also know that you can build awareness about them through a blog? Whether it is to speak to current residents or potential renters, you should consider creating a blog that discusses all aspects of your properties.

    Why? Just consider a few topics on which you might blog:

      Become a Magnet for Perfect Tenants

      Owning rental property means that you will interact with a wide array of people. Not all will be your ideal renters, but you can take steps to be sure you attract and then retain the very best. Naturally, it is going to begin with finding the ideal renters.

      Targeting Ideal Renters

      The kind of tenants you think of as "ideal" for your properties may vary widely from location to location. However, an important step is identifying what makes a perfect tenant for you and using this information to target those individuals to make them aware of your property.