Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more glad and feeling more 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. Accordingly, it is worth researching and learning a few tips for keeping your quality tenants right where they are.
Regular, Positive Communication
Concerning tenant retention, nothing is more important than good communication. Industry professionals know that communicating regularly and effectively with a tenant can bring about a critical difference in tenant retention. Figure out how your tenant prefers such interactions to take place (email, phone calls, or another method) and then make sure to do it regularly. In such a way, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
How you happen to respond to tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. Tenants like for you to consider their issues with utter seriousness, and many times if a tenant can receive a quick and professional response, they are more likely to report small issues more often. Catching minor repairs early on can save you a lot of time and money in the future.
Tenants appreciate as much advanced notice as you can give them. Whether you need to enter the property to perform maintenance works or have opted to raise the rent, the greater time you can extend to your tenant in order to agree with it and prepare, the better. Going above and beyond what is simply required by law can help your tenants know for certain 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. At any time tenants perceive that regular maintenance being done, they are more apt to take good care of your investment property, too. They are more possibly able to perceive that caring for the property is a joint effort and would find an increased satisfaction as they participate in maintaining the property’s prime condition.
Requests for Feedback
In the same vein, tenants who sense 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. Inquire from them not only what the problems are, but likewise for their ”wish list” items. If probable, include at least one of these items in your property maintenance plan. That will indicate to your tenants that aside from listening, you are willing to invest in their long-term happiness as well.
By heeding these manageable techniques, you can greatly improve your tenant retention and, all at the same, your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Utah County can make a real difference. Contact us online or call us at 801-889-1517 and ask our Saratoga Springs property managers about our flexible property management plans.
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