Reasons Why Residents Renew the Lease or Not Renew the Lease

As a Chicago property management company, we know that a big part of the longevity of a property management company is the tenants a property management company has.  For years property management companies have been striving to find creative ways to maintain tenants.  Whether it was incentive programs, resident events or rental perks, it has been done, but has it worked?  Have incentive programs, resident events and rental perks really kept tenants occupying their space?  Not necessarily.  Sure it has probably worked for some, but not for all.  What makes or breaks whether a tenant renews the lease?  And what causes tenants not to renew the lease?  Here are a couple reasons why tenants renew or not renew the lease:

1- Safety of the building: Who doesn't want to feel safe in the place that they live or work?  One of the key factors facing whether a tenant renews the lease or not has to do with the safety of the rental space.  Studies show that if tenants feel their building or space is safe they are more likely to renew the lease. Safety can come in the form of a doorman in the building or a well-lit building or area.  Outside of typical security features, tenants also want to see that the space they are renting is as safe as possible.  The windows should be relatively new and have a solid locking system.  The door should have a good locking system, which may mean the door requires not just a key, but perhaps utilizes a chain as well.  On the flip side, if a tenant feels that the rental they have been occupying is not safe they will probably look elsewhere to take up residence.

2- Quality maintenance: Quality maintenance services are probably the most pivotal reason why a tenant will renew the lease or not renew the lease.  Quality maintenance services typically revolve around service requests.  Service requests should be fulfilled in the correct order that they come in to the office.  Whether the service request comes in the form or an email, call or the resident stopping by the main office, the resident has a need they are looking to have filled by the landlord or property management company.  This is when the office team needs to step in and provide quality maintenance services.  How the office team handles the requests and fills the need of the tenant will make or break the tenant's satisfaction with the building, landlord and property management company.  To prepare, the staff should be familiar with most common issues associated with the rental property and know what questions to ask tenants regarding the problem or issue they are experiencing.  Most office staff should be able to verbally walk the tenant through solving the issue and if need be get the tenant the proper help to fix the issue.  Tenants simply want to know that their issue will be resolved in a timely, efficient matter and that the landlord, staff and property management company supports them and will get the issue solved.  Odds are if tenants feel they are receiving quality maintenance services and care from the property management company, landlord and staff they will want to continue renting their space instead of looking elsewhere.

3- Good customer service: Customer service is key to keeping tenants satisfied and renting.  Similar to receiving quality maintenance services, tenants want to feel that they can approach their landlord, property management company and building staff with any comment or questions, so the lines of communication need to continually stay open.  Tenants want to feel like they're appreciated and that the landlord, building staff and property management company care.  Giving quality customer service to tenants is another way to ensure that a resident will renew the lease, rather than not renew the lease due to poor customer service.

A major part of whether a tenant renews their lease or does not renew their leases hinges around how safe they feel their rental space and building are, quality maintenance and good customer service.  This means a property management company, landlord and staff need to stay on top of the ball and make sure all tenants are being cared for properly.  If you have comments or questions on anything property management related, feel free to comment below or contact us.

Property Management Pest Control Tips

Property management companies, landlords and tenants are all looking to avoid the same thing from happening to their property-- an insect invasion.  As a Chicago property management company, we know how important it is to keep insects out of all of our properties.  Whether you're a condo management company, retail management company, or an industrial property management company, it is important to take precautions to keep bugs out.  Here are a few tips on keeping insects out of your properties:

1- Clean out the gutters:  When was the last time you cleaned out your property's gutters?  If you know it has been awhile, consider doing a thorough cleaning of your property's gutters.  Mosquitos look for standing, stagnant water as that is where they breed, so keeping the gutters clean leaves no where for them to lay their eggs keeping them away from your property.

2- Utilize screens: If you are a tenant with a property that currently does not utilize screens for your doors and windows, we recommend speaking with your property management company or landlord to see if they would install some screens for the doors and windows.  Screens let air in, but help to keep bugs out.

3- Sealing cracks:  Sealing any cracks around windows and doors is another great way to prevent bugs from invading your property.  Do a thorough inspection of your property's windows and doors and see if there are any cracks that need to be filled in.  Roaches and other bugs are good at squeezing through cracks and small openings, so make sure all of the points of entrance are filled in.

4- Be careful where you put mulch:  Try to keep mulch at least 12-15 inches away from the foundation of your property.  Mulch can harbor mosquitos, ants and other bugs, which gives easy access to the inside of your property.  Keeping mulch away from the foundation will make it harder for insects to enter your property.

5- Take out trash frequently: It may seem like a no-brainer, but trash is a big contributor to insect issues for any home or property, so take out the trash frequently.  Make sure bags are tied tightly and any containers used should be cleaned out throughly and often.

If you are a property manager, property management company or tenant looking for more tips on keeping insects out of your properties?  Feel free to leave a comment below or contact us.

Property Management Newsletters

As a Chicago property management company, we strive to keep our tenants constantly in the loop.  Most property management companies work hard to do the same.  One of the best methods for helping tenants stay in the loop is through the use of a property management newsletter.  Newsletters are a great way to get information out to tenants in a regular and proactive manner.  Rather than having tenants searching for information about your property management company online, a newsletter puts the information you want them to read right in front of them.  No more having to go look online when the information they need is delivered straight to them.  Newsletters can be quite effective when they are done right.  So what kinds of information in a property management company's newsletter?  Here are a few tips on what to include in your property management newsletter:

1- Information that helps you market your property management company:  A property management company newsletter is a great way to market your property management company.  It is the perfect vehicle to show off your logo and branding.  A newsletter is a great way to get your company's name in front of a large group of people, which will include your current tenants and even potential tenants.  Whether you're a property management company, a condo property management company, or retail property management company, marketing is a part of how you spread the word about your company.

2- Tenant and company information: As we mentioned before, keeping tenants informed is essential when it comes to helping your property management company run smoothly.  Communication is always the key to being successful.  A property management company newsletter provides a great place to post your company and even tenant information.  When a tenant picks up a property management company newsletter they are expecting to see information the property management company and some information on tenants as well, so let them in on what you know.

3- Guest articles: Your property management newsletter should have some pizazz or area of interest, so featuring some guest articles written by tenants or staff could be a cool feature for your property management newsletter.  As much as a property management company newsletter should contain important information for tenants, it should also have a feature that is entertaining to keep tenants reading.

4- Announcements: If you have something you want to announce to your clients, a property management newsletter is a great place to do so.  A section of a property management company newsletter should be a feature spot just for announcements.  The newsletter makes for an easy way to send out an announcement.

5- Reminders: Sticking a calendar inside your property management company newsletter could make for a great spot to list reminders for your tenants.  Instead of sticking a post-it note on tenant's door, a newsletter makes for a professional way to give tenants reminders.

Looking for more tips on creating a property management newsletter?  Feel free to leave us a comment below or contact us.

Goals for Property Management Companies

Since it's January and the start of a brand new year, we thought we'd take a few moments to help out fellow Chicago property management companies, and really just property management companies in general, by sharing some ideas on potential goals to set for the upcoming year.  There's no better time then the start of a new year to come up with some new, fresh ideas and goals to help start the new year off right.  Here are a few of our Chicago property management company's goals for the new year:

1- Improve communication between your property management company and tenants: A great goal for any property management company for the upcoming year is to improve communication between yourself and tenants.  Communication is key when it comes to the relationship shared between a property management company and tenants, so keep the lines of verbal communication open to the best of your ability.  Let tenants feel like they can come to you with problems and show them that you will work hard to help them when it's needed.

2- Maintain a steady income: As with any property management company, your goal as a retail property management company, condo property management company, or industrial property management company should always be maintaing a steady income.  Make it your constant goal to oversee all daily operations of your property management company in the most cost effective way all while maintaining a steady income.

3- Increase rental property inspections: If you have been putting off rental inspections over the last few months make 2013 the year to get back on track.  Increase rental property inspections this year.  Make periodic scheduled visits of your rental property to ensure that maintenance and rental standards that were set forth originally in the lease are being maintained.

4- Increase rents appropriately and competitively: In a previous blog we discussed increasing rents and this year you will want to stay on top of the ball with your rental increases.  When it comes to increasing rent, make sure you are increasing your rental rates appropriately and competitively within the standards of the market.

5- Work on a marketing plan: If your property management company's marketing plan crashed and burned last year, consider your marketing approach for the upcoming year (if you haven't already).  Develop and implement a creative marketing plan that will allow for financial gain, company growth and stability.

What are your property management company's goals for the upcoming year?  Share a few with us in the comments below or feel free to contact us.

Staffing for Property Management Companies

While many property management companies may be hurting for income due to tight rental markets and smaller budgets, the need for staffing will always remain the same.  As a Chicago property management company, we know first hand how difficult things can get and we also know how vital it is for a property management company to get creative during tough times.  Even when things aren’t tough it will pay off to truly analyze your budget in regards to your staffing.  Do you work for or own a property management company, a condo property management company, retail property management company or industrial property management company that is in need of new staff members but doesn’t have the budget to hire new staff?  That’s okay, you have options.  Here’s a few of our staffing tips for property management companies:

1- Assess your current staffing situation:  Take your current staffing into consideration first.  As a property management company, condo property management company, or retail property management company where do you feel you are lacking in the staffing area?  What job duties or roles aren’t being completed?  What jobs seem to fall through the cracks month after month?  After a good analysis of your property management company’s situation you should be able to compile a list of duties that aren’t being done that need to get done.  This will help you see where you are lacking and where you need some help.

2- Talk to your current staff first:  After you have assessed your property management company’s current situation, you should have a good idea of what job duties aren’t getting done that need to be done.  Sit down and talk with your current staff and let them know the staffing issues that you see and ask them for their thoughts on what they feel should be done.  They may have some great advice and may be willing to help out and take on some of those extra duties.

3- Consider cross-training: Cross-training your employees could quite possibly be one of the most beneficial things you do with your property management company staff.  Your bookkeeper may have great customer service skills and might be willing to fulfill both roles very successfully, but you won’t know unless you try out cross-training.  While many members of your staff are probably specialists in certain areas, there is nothing wrong with a little cross-training, however you must be realistic.  Not all members of your staff are going to be great at multiple jobs, so keep that in mind. 

4- Utilize your connection: Ask your friends, family and acquaintances if they know of anyone that may be able to fill the role that you need filled.  You never know, they may have someone in mind that can help solve some of your staffing woes. 

5- Determine your wants and your needs:  You may want another hand on deck for customer service, but perhaps what you really need is another maintenance staff member.  Determine the roles that can easily be taken on by yourself or a current staff member and hire someone for a role that absolutely no one else can fill.  Budget-wise you will thank yourself in the end. 

Looking for more tips on staffing for your property management company?  Feel free to leave us a comment below or contact us?