Tenant turnover, especially near military bases, is all in a day’s work for property managers. While it’s a common occurrence for those making their living from real estate, the turnover process can be extremely unnerving, expensive and stressful for the property owners, especially if they are service members who are located out-of-state.
Whether your clients are landlords as part of a long-term financial strategy, or whether they entered the agreement reluctantly after PCSing, instructing and involving your clients in the necessary steps to manage their rental property as a business is a smart move for your own business. It can be extremely beneficial to your relationship with your clients to include the “why” behind the steps necessary for a property turnover. Keeping them more engaged will translate into their inclination to trust your judgment for future dealings.
A common complaint heard about property managers is the notion that a hefty percentage of a rental fee seems to disappear with little work to show for it. While you know that’s generally not the case, it’s important to remember that your clients are protecting their investment. It’s difficult for property owners to put their full faith and trust into you, especially if their finances are tight and they have everything to lose.
How can you involve clients in turnover while building your client relationship?
- Sharing the steps for turnover will make a client feel more in control and, as a result, more satisfied.
- As property managers, you know preparing a property for new tenants in accordance to local law, standards, and, of course, common sense is a given. But these steps may be largely a mystery to your clients.
- You can start by creating and including an itemized statement accounting for the steps you must take to prepare a property for turnover with explanations for your other recommendations
- Different clients with different attitudes toward their property will desire different levels of involvement, but you may also consider inviting them to join you on the walk through at move-out or for a damage assessment.
- Remind your clients they’re entitled to a tax-deductible visit to their rental property once every year.
- If they cannot or will not join you for an inspection, you might also offer a video or photo tour of their property, and use this opportunity to point out must-do fixes such as damage, safety and health hazards and issues with basic electricity, plumbing and heat.
- Prepare a simplified list of your states landlord and renter laws, and including legal changes that have occurred since updating their lease.
When your client feels they have more control over the basic fixes required at turnover (and are encouraged when allowable deductions are taken from a security deposit), it will be easier to begin making recommendations to your client regarding future tenants.
A great way to open up the dialogue about property improvement and optional changes is by inviting the owners on a drive-by (or share an e-mailed list) of similar properties for rent in your client’s price bracket for comparison. Taking this step can be just what you need to justify a small improvement or fix to get your customers’ property rented faster and for more money.
Point your client to updated BAH rates for your area and remind them of changes in property taxes, living expenses and other local changes they may not see on an everyday basis, such as construction, that will make their property more or less valuable in the eyes of potential tenants as you re-negotiate asking rent.
Remind your customer that high-quality pictures can increase the clicks on their listing by 139% and show them you have their best financial interest in mind.
Finally, make the most of the most trusted portal for military properties – AHRN.com! Creating a rental listing on AHRN.com will get your clients’ property seen, help other military members find a home at their next duty station and show your client you understand their lifestyle and needs.