One of the biggest expenses for property management professionals is finding new tenants. Every time a tenant leaves a property, the job of finding a new one begins again – bringing with it the expense of placing ads, screening prospects and getting the property back into tip-top shape for rental. The goal is to not only find quality tenants, but to get them to stay as long as possible. Here are some helpful tips on successful tenant retention and what you can do to keep those rental properties full of happy, long-term residents.
Invest in the property
It may be tempting to skip those expensive repairs that aren’t deemed an absolute necessity, but skimping on property maintenance and repair can result in frustrated tenants and a subsequent high rate of turnover. Instead of viewing these repairs and upgrades as an added expense look at them as an investment in both the property and in tenant satisfaction.
Related Post: Retain More Tenants With Proactive Property Maintenance
Keep up with communication
Nothing can irritate a renter more than having to chase down their landlord or property manager every time they need something. Yes, you’re busy and you’re juggling a dozen different tasks at any given time, but communication with your tenants is one of the most important factors in keeping long-term renters happy. Show them that their concerns are important to you and they will return the favor by remaining loyal.
Sometimes the easiest way to keep a tenant happy is by sweetening the pot a little. Offer a small bonus for lease renewal, such as a week or two of free rent or promising to upgrade the property with things like new appliances, a fresh coat of paint or new carpets. You might also consider partnering with other local businesses to offer loyal tenants incentives, such as discounted gym memberships or other perks.
Make things convenient for them
We are living in a very fast paced, technology-driven society, and people everywhere are taking advantage of these modern conveniences. Using tools like property management software that offers an online portal for tenants to use can help you get a leg up on the competition and keep residents happy.
In an industry where tenants hold the upper hand, getting (and keeping) quality renters or lessees plays a critical role in the ongoing success of your property management organization. These simple tips can help you keep your existing tenants happy, loyal and in it for the long-term.
What tips and tricks do you use to keep tenants happy? Please share them in the comments below.
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