Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more pleased and happy a quality tenant is in the rental house, the less likely they are to leave. Keeping a quality tenant for years can turn into higher profits and a more stable income. As such is the case, it would be worth your time to learn a few tips for keeping your quality tenants right where they are.
Regular, Positive Communication
When it comes to tenant retention, nothing is more important than good communication. Industry professionals know that communicating regularly and effectively with a tenant can make a significant difference in tenant retention. Find out how a tenant prefers such interactions to take place (email, phone calls, or another method) and take advantage of that. Thus, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
The manner of addressing tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. If you can give a quick and professional response, tenants are more likely to report small issues more often. Doing this will greatly improve your standing with any tenant. Catching minor repairs early on can save you a lot of time and money later on.
Advanced Notice
Tenants appreciate as much advanced notice as you can give them. From needing to enter the property to perform maintenance to raising the rent, always give your tenants the time they need to adjust. Going above and beyond what is simply required by law reassures your tenants that you have their needs in mind.
Proactive Property Maintenance
Quality, long-term tenants are more likely to stay in a rental home that is being regularly and properly maintained. Do you want your tenants to take good care of your investment property? Show them regular maintenance. Make it so that your tenants understand that caring for the property is a joint effort. When they realize this, they will feel an increased satisfaction when participating in maintenance.
Requests for Feedback
Likewise, renters who are assured that their landlords are listening carefully often report higher levels of satisfaction with their living conditions. You can cultivate this satisfaction by specifically requesting feedback from your tenants. While asking your tenants if there are any problems is a good thing, you can go the extra mile by asking them for a “wish list” of items. If possible, include at least one of these items in your property maintenance plan. This offers a sense of security to your tenants since you do pay attention to their concerns, and that you are willing to invest in their long-term happiness.
Observe these strategies and apply them where you can, so that you will be able to improve your tenant retention, as well as your investment’s bottom line. If this list seems a little overwhelming, the Real Property Management Republic can make a real difference. Contact us online or call us at 281-362-5001 and ask our Conroe property managers about our flexible property management plans.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
