As a rental property owner, you already comprehend that renter retention is one of the keys to long-term success. Not only do high turnover rates increase costs, but in fact, they can likewise disrupt the stability of your investment property in other ways. As a result, resident retention should be a top priority for landlords and rental property owners alike.
Favorably, some very easy, proven strategies can make a major contribution in keeping residents content and quite happy to renew their leases every year. Here are our best suggestions for boosting resident retention and nailing down your properties stay profitable and prospering.
Establish Trust Between Renter and Landlord
In the rental industry, so much of what owners and landlords do is in relation to relationships with people. As it turns out, effective communication and a sense of trust between a renter and their landlord are a great part of long-term retention.
As a property owner, you can foster a strong relationship with your residents by communicating quite often (and positively) with them, building open lines of communication, handling their requests more rapidly, and checking in with them every once in a while. While it is a matter of fact that you don’t want to overdo it, staying responsive to your renter can help them feel like you care pertaining to their wellness and easily impel them to stay in their rental home longer.
Keep the Property Well-Maintained
Added to cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is, at the same time, important. Truly, these two strategies go hand-in-hand, especially when looking to improve retention rates.
Inadequate property upkeep is among the top reasons why renters leave, especially if they have made maintenance requests that have been disregarded. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and confirming to your renter that you want them to take up residence in a well-kept property. This, in turn, may energize them to take good care of the property, which can thus protect the value of your property.
Invest in Quality Tenant Screening
It needs to be said that finding renters who will take good care of your property is easier said than done. But, in fact, you can surely screen your applicants before signing a lease. Screening renters is important given that it can help you distinguish if a prospective renter is excellent, responsible, and a good fit for your property.
A top caliber screening should impart you with a detailed look at your renter’s finances, credit history, and rental history, and clearly alert you to any past complexities or issues. Just keep in mind to ask for and check their references, involving previous landlords, as well as any criminal history in your State and any States in which they’ve previously resided.
Offer Renewal Incentives
An efficient way to encourage lease renewals is to incentivize your current resident to do so. Unhappily, certain rental property owners put into use the lease renewal to raise their rental rate or add conditions that make their renter unhappy or unwilling to renew. While a rental rate increase may not, at all times, be avoidable, it should be logically reasonable and supported by a description of the value the tenant will receive in return.
By way of illustration, you might highlight recent property upgrades, such as new appliances, enriched amenities, or improved security features. You may, in particular, want to think about offering your resident a small discount for renewing early, a free carpet cleaning, or even a minor unit upgrade, like fresh paint or new fixtures. Even a small offering can make a world of difference toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
Undertaking these proven strategies can certainly improve resident retention, causing reduced turnover costs, rising property values, and more unwavering, long-term tenants. It needs to be said that managing a rental property and resident relationships can be a real complex challenge, not to mention, additionally taking time and effort you may not have to give.
At Real Property Management Fairmate, we assimilate the importance of resident satisfaction. That’s precisely why we do all the above strategies – and much more! Contact us today or call 626-691-9749 if you need expert assistance in enriching resident retention in West Covina and nearby. Our team is ready to help you happily maximize the success of your rental properties with custom solutions attuned to your needs.
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