Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more pleased and happy a quality tenant is in the rental house, the less likely they are to leave. Keeping a quality tenant for years can turn into higher profits and a more stable income. Thus, it might be good for you to learn 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. Figure out how a tenant prefers such interactions to take place (email, phone calls, or another method) and then use that preference. Thereby, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
The manner of addressing tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. If your tenants have concerns, show them that you care. Always be ready to give a quick and professional response so that they will be more likely to report small issues more often. Catching minor repairs early on can save you a lot of time and money later on.
Advanced Notice
Tenants appreciate as much advanced notice as you can give them. Make sure you inform your tenants ahead of time. Whether it’s to enter the property to perform maintenance, to raising the rent — give your tenants the time they need to prepare. Going above and beyond what is simply required by law assures 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. One way of encouraging your tenants to take good care of your investment property is to show them regular maintenance. Have them realize that caring for the property is a joint effort. In their participation in maintenance, they are more likely to feel a deep sense of satisfaction in contributing to the good condition of the property.
Requests for Feedback
Quite often, tenants who know that their landlords are listening carefully often report higher levels of satisfaction with their rentals. You can cultivate this satisfaction by specifically requesting feedback from your tenants. Not only should you ask them what problems there are, but you can also ask them to write down a “wish list” for items. If possible, include at least one of these items in your property maintenance plan. When you do this, it assures your tenants that you listen to them and that you’re willing to invest in their long-term happiness.
Pay attention to these simple steps to not only improve your tenant retention but your investment’s bottom line as well! If this list seems a little overwhelming, Real Property Management Optimum can make a real difference. Contact us online or call us at 320-289-4649 and ask our Oxbow property managers about our flexible property management plans.
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