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. Thus, it might be good for you 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. 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. 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. Make sure you inform your tenants ahead of time. Whether it’s to enter the property to perform maintenance, to raising the rent — give your tenants the time they need to prepare. Going above and beyond what is simply required by law proves to 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. 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
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. 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.
Follow these steps for a sure way to improve your tenant retention and your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Value can make a real difference. Contact us online or call us at 704-230-4074 and ask our Davidson property managers about our flexible property management plans.
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