Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more satisfied and at home 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. Hence, take note of 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. Therefore, 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. 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. 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 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. Show your tenants consistent, regular maintenance, and they will take good care of your investment property, too. Once they understand that caring for the property is a joint effort, they will want to participate in maintaining it as it may even fill them with a sense of satisfaction.
Requests for Feedback
Similarly, tenants who feel secure 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. Not only should you ask your tenants what the problems are but you could also ask 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.
Be keen to follow these simple steps that can greatly improve your tenant retention, as well as your investment’s bottom line. If this list seems a little overwhelming, Real Property Management TradeWinds can make a real difference. Contact us online or call us at 727-400-4722 and ask our Safety Harbor property managers about our flexible property management plans.
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