Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more content and happier 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. As a result, it is worth learning and trying a few tips for keeping your quality tenants right where they are.
Regular, Positive Communication
In the matter of tenant retention, nothing is more important than good communication. Industry professionals know that communicating regularly and effectively with a tenant can make a salient difference in tenant retention. Be aware of how your tenant prefers such interactions to take place (email, phone calls, or another method) and then keep at it always. As a result, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
Truth be told, how you respond to tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. Tenants want you to regard their problems with concern, and many times if a tenant can get 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 over time.
Advanced Notice
Tenants appreciate as much advanced notice as you can give them. Whether you need to enter the property to perform maintenance jobs or have resolved to raise the rent, the more time you can give your tenant to make adjustments and preparations, the better. Going above and beyond what is simply required by law can enable your tenants to truly feel 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. When tenants observe that regular maintenance is being carried out, they are more apt to take good care of your investment property, too. They are also more likely to perceive that caring for the property is a joint effort and could experience increased satisfaction as they participate in maintaining the property’s excellent condition.
Requests for Feedback
In the same vein, tenants who perceive 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. Find out from them not only what the problems are, but also ask them for their ”wish list” items. If attainable, include at least one of these items in your property maintenance plan. That will show your tenants that not only are you attentively listening but you are willing to invest in their long-term happiness also.
When you bear in mind and apply these easy strategies, you can highly improve your tenant retention and, simultaneously, your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Diversified can make a real difference. Contact us online or call us at 352-854-2221 and ask our Dunnellon property managers about our flexible property management plans.
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