Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more fulfilled and secure a quality tenant feels, 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. Therefore, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
The manner with which you tackle 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 even save you a lot of time and money later on.
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. Tenants are more likely to take good care of your investment property if they observe you doing regular maintenance. Demonstrate to your tenants that caring for the property is a joint effort. Once they start to help maintain it, they will most likely feel an increased satisfaction in knowing that they are actively helping keep the property in good condition.
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. Ask them what their problems are, and ask them to include a “wish list” for items. If possible, include at least one of these items in your property maintenance plan. This shows your tenants that you take them seriously and that you’re willing to invest in their long-term happiness.
Keep track of these simple approaches that will lead to the improvement of your tenant retention, as well as your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Seacoast New Hampshire can make a real difference. Contact us online or call us at 603-343-2202 and ask our Rochester property managers about our flexible property management plans.
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