Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more welcomed and comfortable a quality tenant is in your rental home, the less likely they are to leave. Keeping a quality tenant for years can turn into higher profits and a more stable income. Because of this, it is valuable 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. Identify how your tenant prefers such interactions to take place (email, phone calls, or another method) and then use it consistently. As a result, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
How you accommodate tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. Your relationship with your tenants will be based on communication. Let them know that you can give a quick and professional response, and they will be more likely to report small issues more often. Catching minor repairs early on can save you a lot of time and money later on.
Tenants appreciate as much advanced notice as you can give them. Always notify your tenants ahead of time if you need to enter the property to perform maintenance tasks, or if you raise the rent. If there’s anything that concerns them, be sure to let them know ahead of time. Going above and beyond what is simply required by law shows 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. Show your tenants consistent, regular maintenance, and they will take good care of your investment property, too. 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
In the same way, 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. Make it a practice to ask your tenants what problems they have encountered. While you’re at it, ask them for a “wish list” of items. If possible, include at least one of these items in your property maintenance plan. Not only does this guarantee your tenants that you are actually listening to them but it also speaks of your willingness 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, Real Property Management Investment Solutions can make a real difference. Contact us online or call us at 616-419-4578 and ask our Grand Rapids property managers about our flexible property management plans.
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