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. Understand how your tenant prefers such interactions to take place (email, phone calls, or another method) and then use it consistently. As a result, 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. 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 even save you a lot of time and money later on.
Advanced Notice
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 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. 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
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 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. 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.
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, Real Property Management Raleigh can make a real difference. Contact us online or call us at 919-481-0008 and ask our Wake Forest property managers about our flexible property management plans.
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