Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more pleased and happy a quality tenant is in the rental house, 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. Understand how your tenant prefers such interactions to take place (email, phone calls, or another method) and then use it consistently. Thereby, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
The way you take action on tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. If your tenants have concerns, show them that you care. Always be ready to give a quick and professional response so that they will be more likely to report small issues more often. 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. Make it a point to always give your tenants sufficient time to adjust and prepare when it concerns them — whether it’s the need to enter the property to perform maintenance or if you’ve decided to raise the rent. Going above and beyond what is simply required by law tells 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. Make it a practice to ask your tenants what problems they have encountered. While you’re at it, ask them for a “wish list” of 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 South Orlando can make a real difference. Contact us online or call us at 407-982-2000 and ask our Dr. Phillips property managers about our flexible property management plans.
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