Increase Your Tenant Retention Rate
Finding and keeping quality tenants can be a job in and of itself. Whether you have one rental property or an apartment complex, vacant properties mean a loss of income. Tenant retention through a lease renewal means more money in your pocket. It also means less headaches and paperwork. You won’t have to conduct another tenant screening process since your tenants have chosen to stay! So, how do you help to stack the odds that your tenants will stay for their entire lease term and possibly through a renewal? Check out the following tips to see how you can take some stress out of rental property management.
Be Responsive to Resident Needs
Have ever lived in a poorly managed rental unit? If so, you may know the feeling of being ignored by your landlord. Whether a leaky faucet or a curious squirrel getting caught in a chimney, residents appreciate when you take their needs and concerns seriously. If landlords are not prompt in responding to the needs of their tenants, residents don’t feel valued. A good rule is to respond to all calls and emails that you receive by 3PM on the same day. For calls and emails received after this time, if it is not an emergency, respond by 10AM the next day. Practicing this response guideline can help your tenants to feel valued. In turn, it will also increase the likelihood that they will stay and renew their lease when that time arrives.
Keep Residents Up to Date with Scheduled Maintenance and Inspections
Residential satisfaction surveys have shown that a lack of planning or notice when it comes to maintenance and property inspections as a source of stress as renters. Keep renters abreast of any upcoming appointments by ensuring that you have current contact information for each tenant. This includes not only a phone number, but in this day of increasing digital contacts, email addresses as well. Without the most current information, how will you be able to contact your tenants for scheduled maintenance or inspections?
Maintain the Property
When tenants drive by, do they see a well-manicured landscape? Or is there peeling exterior paint and overgrown weeds in the yard? If the outside of a property appears unkempt, prospective tenants may be weary of calling your rental property home. Even if the interior maintenance requests are tended to in a swift manner, don’t neglect the exterior. Potential tenants may take a pass due to the appearance of the exterior. Don’t give current tenants reason to move when their lease is up when the cause is so easy to prevent.
How Employee Retention Influences Residents and Property Owners
Seeing familiar and consistent faces can make a significant difference when it comes to property management. If there is high employee turnover rate, tenants may feel that they are just a rent check, rather than an individual who feels valued. It also can affect the consistency in which property management policies are employed.
Conclusion
As you can see, ensuring that your tenants are happy is essential to increasing resident retention. Tenants who decide to stay and renew their lease helps to keep your operating costs down, which means more income. Knowing when to bend over backwards to tenant needs and when to cut ties with a resident can be difficult. Fortunately, the experts over at The Property Manager are well-versed in tenant services. Feeling a little overwhelmed with repair and maintenance while providing outstanding customer service for your current and prospective tenants? If so, drop us a line and let us know how we can help!
References
23 Resident Retention Ideas to Supercharge Your Efforts
5 Rental Property Manager Skills You Need
6 Simple Ways to Boost Resident Retention in the New Year
Three Property Management Tips for Creating a Culture of Responsiveness
The Ultimate Guide for Rental Property Maintenance
