WHY DO GOOD TENANTS LEAVE?
Every landlord wants a great tenant. Simply put, it’s good for the pocket and even better for the mind. Unfortunately, like most business arrangements, it may come to an end.
REASONS YOU CAN’T CONTROL
Sometimes, tenants have life-changing events or decisions that require a change in residence, such as:
- Changes in their financial situation
- Job transfer
- Downsizing (children or roommates moving out)
- Upsizing (the family is expanding)
- Buying a house
REASONS YOU CAN CONTROL/INFLUENCE
However, as a property owner/manager your attention should be focused on the reasons you can control or at the very least influence, such as:
- Slow Response Time To Issues Raised
Not every issue requires you to (literally) drop everything and rush to the rescue. However, you need to keep in mind that whatever problem has been raised ultimately requires your attention or at least a response.
Not being able to reach your landlord to discuss issues can be distressing. No one likes the feeling of being ignored or abandoned.
- Unfavourable Rental Terms
Every owner/manager will seek to draft terms that favour them over the tenant. Apart from the risk of invalidation due to a conflict with the Alberta Tenancy Act, it may cause mistrust and frustration on the part of the tenant.
- High Rent
During a market slump it may turn out that the rent being charged has become too high and the tenant could save a lot of money by moving.
- Problematic Neighbours
Even though there’s little you can do about another resident’s behavior, there is always room for negotiation/mediation. Reaching agreements about issues like encroachment, falling leaves, overgrown shrubs, pet behavior, and expanding trees may help keep your good tenant.
- Reactive Attitude Towards Maintenance
Routine maintenance is the mainstay of any form of facility management. Always waiting until things go bad before you act will not only end up being costlier in the long run, but also gives the wrong impression about the kind of residence you want to run. This is where a Professional Property Management company puts you ahead.
- Poor Maintenance
Some people decide to let the property sink into a state of disrepair by not keeping up with property repairs at all. Properties that don’t look their best aren’t famous for attracting great tenants.
WestHawk Property Management