Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more pleased and comfortable 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. That is why it is worth learning and considering a few tips for keeping your quality tenants right where they are.
Regular, Positive Communication
As for tenant retention, nothing is more important than good communication. Industry professionals know that communicating regularly and effectively with a tenant can have a crucial difference in tenant retention. Find out how your tenant prefers such interactions to take place (email, phone calls, or another method) and then take advantage of it continually. In this fashion, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
How you respond to tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. Tenants hope for you to be mindful of their concerns and difficulties intently, and oftentimes, if a tenant can receive 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 moving forward.
Tenants appreciate as much advanced notice as you can give them. Whether you need to enter the property to perform maintenance undertakings or have recently decided to raise the rent, the more time you can bestow to your tenant to accept and prepare for it, the better. Going above and beyond what is simply required by law can help support your tenants’ perception 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 distinguish that, indeed, regular maintenance is going on, they are very likely to take good care of your investment property, too. They are, most probably, able to apprehend that caring for the property is a joint effort, and could most definitely experience an increased satisfaction as they participate in maintaining the property’s great shape.
Requests for Feedback
In the same way, tenants who find 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. Reach out and ask them not only what the problems are, but also check out from them their ”wish list” items. If feasible, include at least one of these items in your property maintenance plan. That will reveal to the tenants that not only are you paying attention but in fact, are willing to invest in their long-term happiness also.
By simply putting into effect these worry-free and simple strategies, you can seriously improve your tenant retention and, all the while, your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Wasatch can make a real difference. Contact us online or call us at 801-889-1517 and ask our Salt Lake City property managers about our flexible property management plans.
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