Want Better Tenant Retention Rates? Make These Improvements In Your Property Management Plan

Successful landlords know that the key to enjoying continued growth and success in real estate investing is to focus on improving tenant retention rates for every property in their portfolio. Doing this helps them avoid spending more of their earnings to market vacancies, screening new applicants, and taking care of all the cleaning and maintenance chores that must be accomplished between tenants.

Many investors may mistakenly believe that keeping rents low is the key to keeping their units filled, but tenants often look for other reasons to settle into a particular rental home. If you are an investor who is experiencing tenant retention issues, making the following improvements in your property management plan can help. 

Tenants lead busy lives, so provide them with a convenient rental experience

Just like homeowners, tenants are busy with work, school, family needs, and social activities, so anything the landlord can do to help them save time and effort will be appreciated. Since most are sure to own a smart phone, tablet, or computer, providing an option for online rent payments is sure to be appreciated.

To make this option even more attractive and help ensure that rental payments are made on or before their due date, landlords may also want to offer some type of incentive for prompt payment, such as a percentage off or entry into a drawing for a monthly prize. 

Tenants want to take pride in their home, so make sure the structure and grounds are welcoming

Tenants in every rental price range have one thing in common—they want to take pride in their home and feel comfortable inviting their friends to visit them there. Landlords who routinely allow maintenance and landscaping issues to become overdue are preventing their tenants from being able to settle proudly into their unit for a long stay. Instead, they will soon become ashamed of their rundown rental home and begin looking for one that offers better property management. 

Tenants want to know their needs are taken seriously, so institute a permanent plan for that

Tenants who have trouble finding their landlord or property manager when something goes wrong will not want to stay in your complex. Landlords who want to avoid this problem can offer a way for their tenants to immediately reach a live person when reporting any type of urgent need, such as a furnace failure or leaking water pipe. 

Landlords who want to institute these and other property management improvements in a way that is both convenient and cost effective should consider hiring a real estate broker or professional property management company. By using this type of expert property management service, investors can enjoy the satisfaction of seeing tenant retention rates rise while ensuring their tenants are receiving consistently good care. 

458 Words

About Me

Selling Your Home on the Local Market Hello, my name is Ben Hatten. Welcome to my website about selling your home on the real estate market. When I was ready to sell my home, I thought that the process would go smoothly from start to finish, so I did not acquire help from an agent. After learning about all the things that could go wrong, I decided to enlist the help of an agent to sell my home with assistance. I created this site to help everyone prepare for the process of selling their home with help from an agent. I hope you will come by often to learn more. Thanks.




Latest Posts

The Benefits of Hiring a Commercial Real Estate Agent
15 July 2024
Are you looking to buy or lease commercial real estate but feeling overwhelmed by the process? A commercial real estate agent can be your best ally in

The Benefits Of Hiring A Property Management Company For Your Facility
9 May 2024
Managing a property, whether it be a residential complex or a commercial building, can be a daunting task. From maintenance issues to tenant relations

The Benefits of Working with a Realtor
15 February 2024
Buying or selling a home can be one of the biggest investments you make in your lifetime. Whether you're a first-time homebuyer or considering selling