Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more delighted and contented 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. Because of this, it is valuable 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. Determine how your tenant prefers such interactions to take place (email, phone calls, or another method) and then make use of that preference. Thus, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
The way you deal with tenant repair requests, maintenance issues, and complaints will have a direct impact on tenant retention. Your relationship with your tenants will be based on communication. Let them know that you can give a quick and professional response, and 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.
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 proves to 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. If your tenants notice the consistency of regular maintenance, they are bound to take good care of your investment property, too. Make it so that your tenants understand that caring for the property is a joint effort. When they realize this, they will feel an increased satisfaction when participating in maintenance.
Requests for Feedback
Similarly, tenants who are confident that their landlords are listening carefully often report higher levels of satisfaction with their living situations. 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 Greater Milwaukee can make a real difference. Contact us online or call us at 262-309-6961 and ask our Franklin property managers about our flexible property management plans.
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