Just how important is this?

[Jared Dicksen]

Hello!

I've been talking with some people about tenant retention and I'm hearing both sides of the story.

Some don't analyze it too much, but others focus on improving it maniacally. This or they make sure to work with a management company that handles it and takes it seriously.

Which of these categories do you fall under?

Jared

[Michael Blank]

I agree with the philosophy to do what you can to keep your good tenants.

On the other side of the coin is to get rid of your not-so-good tenants. One rule of thumb is to file for eviction as soon as the rent is officially in default (on the 21st day of the month for my leases). The key is to be consistent, i.e. don't favor one tenant over the next. At first we were trying to be more lenient and work with the tenant, but all of a sudden, the tenant owed us 3 months worth of rent! Now our policy is to start the eviction process to get the clock ticking *while* working with the tenant to get current. If they do, great, we love to have them. But if they don't, we have the ability to get them out.