Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more delighted and contented a quality tenant is, the less likely they are to leave. Keeping a quality tenant for years can turn into higher profits and a more stable income. Therefore, it is worth studying a few tips for keeping your quality tenants right where they are.
Regular, Positive Communication
In regards to tenant retention, nothing is more important than good communication. Industry professionals know that communicating regularly and effectively with a tenant can create an essential difference in tenant retention. Know how your tenant prefers such interactions to take place (email, phone calls, or another method) and then utilize it repeatedly. In this manner, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
How you reply to tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. Tenants desire for you to consider their concerns earnestly, and oftentimes, if a tenant can receive a quick and professional response, they are more likely to report small issues more often. Catching minor repairs early on can save you a lot of time and money down the line.
Tenants appreciate as much advanced notice as you can give them. Whether you need to enter the property to perform maintenance duties or have determined to raise the rent, the more time you can give your tenant to adapt and plan, the better. Going above and beyond what is simply required by law can aid your tenant to feel and sense 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. Because tenants see regular maintenance happening, they may take good care of your investment property, too. They will understand that caring for the property is a joint effort and may perceive an increased satisfaction as they participate in maintaining the property’s tiptop condition.
Requests for Feedback
In the same manner, tenants who know that their landlords are listening carefully often report higher levels of satisfaction with their rental homes. You can cultivate this satisfaction by specifically requesting feedback from your tenants. Certainly, ask them not only what the problems are, but additionally ask them for their ”wish list” items. If feasible, include at least one of these items in your property maintenance plan. That will demonstrate to your tenants that you don’t just listen, you are very much willing to invest in their long-term happiness too.
By observing these effortless methods, you can exceedingly improve your tenant retention and, simultaneously, your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Excellence can make a real difference. Contact us online or call us at 919-827-1107 and ask our Willow Springs 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.