Why The Best Tenants Choose Not To Rent From Private, D.I.Y. Landlords

Data Shows Tenants Pay a Premium To Rent With Professional Property Management Companies VS D.I.Y. Landlords

As a private, D.I.Y. landlord you are probably going to sleep at night with a smile on your face believing you are saving money and still attracting the best tenants. The truth is, however, the best tenants actually search for properties that are professionally managed. The reasons, among many, are that private landlords don't handle maintenance requests efficiently, they are difficult to pay, and lack legitimacy/transparency. You may be saving a couple bucks on your management fees by doing it yourself, but simultaneously are losing appeal to higher caliber tenants because they have had experience with private landlords before! As a private landlord you likely have a family, a job, and hobbies. At that point property management becomes more of a side business, and in most cases, a pain more than it is a benefit. This truth becomes clear and translates itself into what tenants see/experience when looking at your prospective units for rent. Don't sell yourself short and operate in a way that is not justifying your full potential. Having a professional property manager in place will free up your time, and increase the overall value/package you offer to incoming and current tenants. That is the name of the game!

Maintenance Doesn't Get Done!

This is by far the biggest complaint we hear from incoming tenants. It's all too common, "My landlord never fixed anything." Now, we don't know the details of exactly what happened, but we hear this sentiment from tenants all across Southern New England. There must be truth to it as these tenants do not know one another, but all share the same experiences! In addition, when we sign on a private landlord for management service we will inspect the property, and usually can see the blatant neglect right off the bat. Such things include unkempt hallways, messy laundry room, trash strewn about, unpainted common areas, holes, dirt/pet hairs, etc. These are indicators that we are dealing with a landlord who simply didn't care, or one who didn't do a good job. In any event, the best tenants are privy to this behavior, and yearn for a professional management company because they know they can submit service requests online, have 24/7 live answered, emergency assistance, and have the ability to follow up if something isn't accomplished in time or the way they wanted it. When dealing with a private landlord it becomes more spotty in nature, and is not black and white like tenants prefer!

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Payments Becomes Pain-ments!

One of the most memorable stories we can remember is the one of a landlord who made his tenant meet him every month at a gas station with cash to pay rent! That's right, cash at the gas station! Too make it worse, the tenant also had to drive 30 minutes one way because it was more 'convenient' to the landlord. Can you believe this? Stories like this are all too common, because private landlords simply don't understand the important of providing convenience to their tenants, and not just looking for convenience to themselves. If tenants do not feel appreciated and important, you will likely lose them very quickly, and struggle to replace them with quality ones moving forward. When tenants deal with a professional property management company they know they can pay rent online with the click of a button, and even setup auto payments so they never have to worry about it! This is super efficient and creates a positive experience for your tenants!

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There Is No Accountability or Professionalism!

One of the major benefits to having a professional property manager is that they have a physical office location, as well as multiple ways to be contacted/reviewed publicly. With the improvement of technology, users can now see how others fared, and also leave their own feedback for the whole world to see. This is extremely beneficial because it shows accountability and transparency. The best tenants do not want to venture into the unknown when it comes to where they will rest their head. If they are dealing with a D.I.Y. landlord via email (for everything) it quickly becomes unprofessional and quite concerning should issues arise. The legitimacy and professionalism gained by having a reputable property manager is worth the cost just right there!

In sum, tenants are craving maintenance efficiency, ease of payments, and accountability/legitimacy for the entire duration of their stay. If you are not providing one or all of these components to your tenants you are likely doing yourself a disservice! A professional property manager will attract higher caliber tenants + retain them longer. This translates into more money in your pocket!

Why The Best Tenants Choose Not To Rent From D.I.Y., Private Landlords

Gregory Rice is the Vice President of franchise sales for Nexus Property Management®.

Nexus Property Management® is a National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.

Your Property, MANAGED®

The Real Estate Investing Authority®

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