Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more satisfied and more at ease and comfortable 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, it is worth learning and understanding 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 make a great difference in tenant retention. Ascertain how your tenant prefers such interactions to take place (email, phone calls, or another method) and then use it consistently. In this light, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
As it happens, how you resolve tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. Tenants aspire for you to do something about their troubles carefully, and in many cases, if a tenant can get 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 chores or have chosen to raise the rent, the longer period you can grant your tenant to adjust and accept, the better. Going above and beyond what is simply required by law can help your tenant feel 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. Any given time tenants observe regular maintenance rolling out, they are quite likely to take good care of your investment property, too. They are, in all likelihood, able to conceive that caring for the property is a joint effort, and probably get an increased satisfaction as they participate in maintaining the property’s perfect condition.
Requests for Feedback
In the same vein, tenants who think 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. Ask them not only what the problems are, but equally gather information from them such as their ”wish list” items. If workable, include at least one of these items in your property maintenance plan. That will show to your tenants that apart from you seriously listening to their requests, you are also willing to invest in their long-term happiness as well.
Just by simply obeying these hassle-free approaches, you can substantially improve your tenant retention and, altogether, your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Uintah can make a real difference. Contact us online or call us at 801-889-1517 and ask our Tabiona property managers about our flexible property management plans.
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