As a rental property owner, you are mindful that renter retention is a critical factor to long-term success. Not only do high turnover rates increase costs, but they can also threaten the stability of your investment property in additional manners. Due to this, resident retention should be a key priority for landlords and rental property owners alike. Thankfully, a few straightforward, reliable strategies can go a long way toward keeping residents satisfied and eager to renew their leases year after year. Here are our best recommendations for boosting resident retention and making sure that your properties stay profitable and expanding.
Build Trust Between Renters and Landlords
In the rental industry, so much of what owners and landlords accomplish is about relationships with people. Good communication and a sense of trust between a renter and their landlord is critical for long-term retention.
As a property owner, you can build a good relationship with your renters by speaking with them frequently (and positively), maintaining open lines of communication, reacting to their needs promptly, and monitoring them regularly. Even though you are afraid of going overboard, staying responsive to your renter can help them feel like you care about their well–being and encourage them to stay in their rental home longer.
Ensure the Property is Properly Maintained
Besides cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is equally vital. These two approaches go hand-in-hand, particularly when attempting to improve retention rates.
Improper property upkeep is one of the main reasons why renters leave, particularly if they submit maintenance requests that have been denied. Apart from that, proactive maintenance can reduce costs by avoiding costly emergency repairs and displaying to your renter that you want them to live in a well-kept property. This, in turn, may motivate them to take good care of the property, which can also protect the value of your property.
Invest in Thorough Tenant Screening
Unquestionably, finding renters who will take good care of your property is easier said than done. However, you can properly screen your applicants before signing a lease. Screening renters is essential because it may help you assess whether a potential tenant is punctual, accountable, and a good fit for your property.
A thorough screening should provide a detailed look at your renter’s finances, credit history, and rental history and alert you to any past concerns. Just be sure to ask for and check their references, such as past landlords, any criminal records in your state, and any states where they’ve formerly resided.
Provide Incentives for Lease Renewal
Incentives for your present resident are an excellent approach to encourage lease renewals. Inappropriately, numerous rental property owners make the most of the lease renewal to raise their rental rate or impose constraints that make their renter unhappy or unwilling to renew. Even though a rental rate increase is not always avoided, it should be acceptable and justified by a statement of the value the tenant will receive in return.
For illustration, you might highlight recent property upgrades, such as new appliances, upgraded amenities, or better security features. You may also want to consider providing your resident a small discount for renewing early, a free carpet cleaning, or even a tiny unit update, such as fresh paint or new fixtures. Even a tiny gesture can go a long way toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
These proven strategies can greatly improve resident retention, minimize turnover expenses, increase property values, and generate more stable, long-term tenancies. Unquestionably, managing a rental property and resident relationships can be challenging, consuming time and effort that you may not have.
At Real Property Management Results, we recognize that managing rental property and resident relationships may be difficult and time-consuming. This is why we’re here to assist. Our staff is ready to assist you in boosting resident retention in Boonville and the surrounding areas. Contact us online or call 812-461-1676.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
