The Role of a Property Management Company in Attracting and Retaining Tenants in Victoria
Victoria is often mentioned as one of the best places to live in London. Because of this, it attracts many people looking to rent properties in the area, whether for short periods or the long term. As a property owner, you know that turning interested people into tenants is the best way to get a return on your investment. For this, you can work with a property management company. But how does a property management company attract and retain tenants?
Matching Properties to Tenants
The best Victoria property management companies have data on which properties best suit different types of people. For example, businesspeople looking for short-term rental properties in Victoria are looking for properties that are vastly different from those preferred by families.
The property management company, during their initial assessment, will decide which type of tenant would be interested in your property. Once they do this, they will market your property towards that group. A good match ensures faster leasing and a possibility of better rental income.
The property management company might also decide that your property would be best suited for Airbnb. In such a case, they could provide Airbnb concierge services to ensure your guests have the best experience possible. Providing such great experiences also increases the likelihood of repeat guests who want that level of service again.
Maintaining the Property
Once you start working with a property management company like UpperKey, you not only get guaranteed rental income, but you also get maintenance services. Every property owner knows that well-maintained properties attract a higher number of the best tenants. Property management Victoria companies take care of everything from routine maintenance to cleaning. They also take care of gas and electricity contracts, so your tenants and guests do not have to think about it.
Being timely with maintenance and repairs, whether it is taking care of a faulty kitchen appliance or air conditioner unit, helps your tenants feel appreciated. Tenants who feel like this are more likely to renew their leases for peace of mind. Additionally, keeping up with repairs like this ensures small issues do not become major problems that end up costing a lot more or requiring significant interventions.
Maintenance should also be carried out between tenants. This is the time to do a thorough check to ensure everything is in the right order. It is also time to upgrade any outdated appliances and repair minor issues like leaking taps. New fixtures, countertops and carpets not only help attract tenants, but they can also play a role in helping the property management company charge more rent which means a higher rental income for you.
Being Proactive
Many property owners are reactive rather than proactive. This means that they wait for something to happen before taking action. The best property management companies Victoria are proactive. They anticipate the needs of their tenants and take care of them before they arise. Being proactive is not as difficult as it sounds; it only requires that you stay informed about what is happening on the property.
The company will check if any issues are coming up and deal with them. For example, if a tenant’s lease is ending, they can talk to the tenant to see if they will renew or convince them to. If either does not work, then the proactive thing to do is to start preparing to make the unit available to a new tenant.
Talking to tenants proactively also builds goodwill because you will remind them to think of the future instead of waiting until the last minute to start making plans. Such goodwill can go a long way, and some property management companies have even seen their previous tenants help them find new tenants.
Being Effective Communicators
Understandably, some tenants want their landlords – in this case, the property management company – to be hands-off. They only want to deal with the company or landlord in case something happens or when they need something. However, maintaining effective communication between both parties can help. Apart from being proactive, it can also show that a property management company cares about its tenants and is attentive to their needs.
Effective communication is also critical when trying not to inconvenience tenants. For example, the property may need to undergo extensive maintenance. The property management company can inform tenants about this so that they avoid the dust and noise often associated with such projects.
Tenants who feel cared for, with a management company who is attentive to their needs, and cares about inconveniencing them, are more likely to be happy with the arrangement. This is critical for maintaining tenants.
Setting the Rental Price
Price is a critical consideration when leasing a property regardless of the length of stay. An attractive property can walk a line between what it provides and what it charges for it. No matter how good the property or what it offers is, it can be seen as less attractive if it is priced too high.
The property management Victoria company you work with should have all the data required to manage your property appropriately and find the type of tenant you are looking for. Working with a company with lots of experience is a huge advantage here because they already know how similar properties are priced.
Apart from the base rate, the management company can also adjust the rent depending on factors like facilities and amenities and the type of leasing they do. For example, a short to medium-term rental arrangement will be priced very differently from an Airbnb stay.
Marketing
Once they take over your property, property management companies will market it to the right audience to attract the right tenants. They often have a much larger reach than individual property owners, which gives them a massive advantage in helping ensure a high occupancy rate.
A major benefit of working with a property management company is getting help with attracting and retaining tenants. These companies have experience in doing both, utilising various strategies to achieve these aims. While these strategies can vary slightly, they result in high occupancy and tenant retention rates.