Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more delighted and more relaxed or 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. Consequently, it is worth knowing a few tips for keeping your quality tenants right where they are.
Regular, Positive Communication
In terms of tenant retention, nothing is more important than good communication. Industry professionals know that communicating regularly and effectively with a tenant can truly make a vital difference in tenant retention. Discover how your tenant prefers such interactions to take place (email, phone calls, or another method) and then make use of it constantly. Accordingly, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
How you react or respond to tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. Tenants wish for you to take their issues and concerns with the utmost consideration, and most often, 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 eventually.
Tenants appreciate as much advanced notice as you can give them. Whether you need to enter the property to perform maintenance responsibilities or have selected to raise the rent, the additional time you can give your tenant to accommodate and set up, the better. Going above and beyond what is simply required by law can foster and help your tenants think 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. When tenants detect that regular maintenance is occurring, they are in all likelihood to take good care of your investment property, too. They are, for sure, likely to ascertain that caring for the property is a joint effort, and could feel an increased satisfaction as they participate in maintaining the property’s condition.
Requests for Feedback
Likewise, tenants who experience 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 on top of that, also inquire from them for their ”wish list” items. If allowable, include at least one of these items in your property maintenance plan. That will show your tenants that not only are you listening but are willing to invest in their long-term happiness additionally.
Through employing these trouble-free and simple methods, you can considerably improve your tenant retention and, concurrently, your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Metro Detroit can make a real difference. Contact us online or call us at 248-808-6550 and ask our Redford property managers about our flexible property management plans.
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