Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more satisfied and at home 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. Hence, take note of 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. Determine how your tenant prefers such interactions to take place (email, phone calls, or another method) and then make use of that preference. In this manner, 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. Tenants expect you to pay attention to their requests. When you offer quick and professional responses, they are more likely to report small issues more often. 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. 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. If your tenants notice the consistency of regular maintenance, they are bound to take good care of your investment property, too. Once they see that caring for the property is a joint effort, they will feel an increased satisfaction when they participate in maintenance.
Requests for Feedback
Similarly, tenants who feel secure 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. While asking your tenants if there are any problems is a good thing, you can go the extra mile by asking them for a “wish list” of items. If possible, include at least one of these items in your property maintenance plan. In doing so, you’re showing your tenants that their long-term happiness is something you’re willing to invest in.
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 DC Metro can make a real difference. Contact us online or call us at 202-269-0303 and ask our Trinidad property managers about our flexible property management plans.
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