Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more delighted and contented 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. As such, it’s a good idea to follow 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. Thus, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
The way you deal with tenant repair requests, maintenance issues, and complaints will have a direct impact on tenant retention. The frequency of tenants reporting small issues will depend on how quick and professional of a response you have to offer them. Make this a priority because this will show your tenants that they matter to you. Catching minor repairs early on can save you a lot of time and money later on.
Tenants appreciate as much advanced notice as you can give them. Keep your tenants up to date with any changes or actions that concern them. Anywhere from entering the property to perform maintenance to raising rent — inform them ahead of time to give them ample time to prepare. Going above and beyond what is simply required by law proves to 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. Do you want your tenants to take good care of your investment property? Show them regular maintenance. Once they understand that caring for the property is a joint effort, they will want to participate in maintaining it as it may even fill them with a sense of satisfaction.
Requests for Feedback
Similarly, tenants who are confident that their landlords are listening carefully often report higher levels of satisfaction with their living situations. You can cultivate this satisfaction by specifically requesting feedback from your tenants. Not only should you ask your tenants what the problems are but you could also ask them for a “wish list” of items. If possible, include at least one of these items in your property maintenance plan. This offers a sense of security to your tenants since you do pay attention to their concerns, and that you are willing to invest in their long-term happiness.
Be keen to follow these simple steps that can greatly improve your tenant retention, as well as your investment’s bottom line. If this list seems a little overwhelming, Improving your tenant retention is the key to long-term success as a Torrance single-family rental property owner. Read more…
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