Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more delighted 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. This is why it is worth educating yourself and learning a few tips for keeping your quality tenants right where they are.
Regular, Positive Communication
Concerning tenant retention, nothing is more important than good communication. Industry professionals know that communicating regularly and effectively with a tenant can cause such a great difference in tenant retention. Figure out how your tenant prefers such interactions to take place (email, phone calls, or another method) and then apply it at all times. In such a manner, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
As is often the case, how you respond to tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. Tenants would like you to be attentive to their predicaments, and many times, if a tenant can have 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 at a future date.
Advanced Notice
Tenants appreciate as much advanced notice as you can give them. Whether you need to enter the property to perform maintenance functions or have finally settled on raising the rent, the greater time you can offer to your tenant to properly adjust and iron out everything, the better. Going above and beyond what is simply required by law can help your tenants to firmly believe 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. Once tenants become aware that regular maintenance is being carried out, they are more likely to take good care of your investment property, too. They will also easily grasp the fact that caring for the property is a joint effort and would feel an increased satisfaction as they participate in maintaining the property’s mint condition.
Requests for Feedback
Along the same lines, tenants who believe 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. Obtain from them not only what the problems are, but also find out from them their ”wish list” items. If achievable, include at least one of these items in your property maintenance plan. That will show to your tenants that not only are you attentive, but, in actuality, you are willing to invest in their long-term happiness too.
By simply observing and applying these simple ways, you can improve your tenant retention and, all the while, your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Fairmate can make a real difference. Contact us online or call us at 626-691-9749 and ask our Arcadia property managers about our flexible property management plans.
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