How East Cobb Property Management Can Help You Raise Rent Without Losing Tenants
Increasing rent could force your tenants to flee. Consequently, you have to do it in such a way that reduces your risk of tenant loss. Finding good tenants is hard enough. You don’t want to do something that makes them want to run away or move to a different residential property in East Cobb. As the property owner, you’re justified in your decision to increase rent, and this can be handled properly with the help of Vineyard Property Management.
Property owners can increase rent for various reasons, which include:
- Following the market
- Improvements in the neighborhood
- New employers and investors moving into East Cobb
- Growing local economy
- Huge improvements within the property
While your actions are justified, it’s important to increase rent while showing your tenants that you’re not doing it out of malice. If your tenants aren’t troublesome and pay on time, you ought to do nothing that chases them away. However, if your profits are not keeping pace, increasing rent protects your investment.
Some of what we look at here at Vineyard Property Management
- Consider Costs
Some of the costs that would justify your decision to increase rent include higher insurance premiums, property taxes and utilities. An increase in HOA or CDD fees would also justify your decision to raise the rent. A good East Cobb property manager has the skills needed to explain the increased costs to your tenants, thus reducing the likelihood of their relocating to another property.
- Understand the market
Understanding the market might be difficult for you, especially if you don’t reside in East Cobb or greater Atlanta. In such instances, you’d be better off hiring and working with an East Cobb property management company who understand the local market. With the help of the property manager, you’d be able to understand and determine whether your tenants are willing and able to pay the new rates, the appropriate timing, and what improvements might be necessary to justify rent increases.
- Cover bases
It’s easy to determine the need for increasing rent because of the prevailing circumstances only to realize that you never prepared your tenants for this change. Vineyard Property Managment protects you from such mistakes which are capable of landing you in court when the tenants sue you. Tenants enjoy legal protection. If you’re unsure about the laws governing increasing rents, discuss them with the property manager first.
- Know Tenants
The biggest advantage that you derive from hiring an East Cobb property management company like Vineyard, is that it helps you to know your tenants well. With this information, you can approach your tenants with the news about your intentions to increase the rent. It will also afford you the opportunity to receive feedback about the impending change. A property owner is likely to face little resistance when he knows his tenants and has a solid relationship with them.
Get in touch with Vineyard Property Management today for your East Cobb property rentals.