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.