As a rental property owner, you already understand that renter retention is one of the keys to long-term success. Not only do high turnover rates increase costs, but on top that, they can disrupt the stability of your investment property in other ways. Thus, resident retention should be a top priority for landlords and rental property owners alike. Gratefully, these few trouble-free, proven strategies can be essential in keeping residents content and joyful to renew their leases yearly. Here are our best guides for boosting resident retention and warranting your properties stay profitable and winning.
Establish Trust Between Renter and Landlord
In the rental industry, so much of what owners and landlords do is related to relationships with people. In truth, successful communication and a sense of trust between a renter and their landlord is a very important part of long-term retention.
As a property owner, you can foster a strong relationship with your residents by communicating often (and positively) with them, producing open lines of communication, engaging with their requests as soon as possible, and checking in with them at times. Though you don’t want to overdo it, staying responsive to your renter can help them feel like you care when it comes to their prosperity, and instill in them the desire to stay in their rental home longer.
Keep the Property Well-Maintained
Besides cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is also important. Really, these two strategies go hand-in-hand, particularly when looking to improve retention rates.
Neglected property upkeep is among the top reasons why renters leave, especially if they have given maintenance requests that have been ignored or forsaken. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and displaying to your renter that you want them to dwell in a well-kept property. This, in turn, may motivate them to take good care of the property, which can provoke protect the value of your property.
Invest in Quality Tenant Screening
Certainly, finding renters who will take good care of your property is easier said than done. Having said that, you can thoroughly screen your applicants before signing a lease. Screening renters is important for the reason that it can help discover if a prospective renter is trustworthy, responsible, and a good fit for your property.
A great screening should give you a detailed look at your renter’s finances, credit history, and rental history and warn you of any past concerns. Just keep in mind to ask for and check their references, including previous landlords, as well as any criminal history in your State and any States in which they’ve previously stayed.
Offer Renewal Incentives
An appropriate way to encourage lease renewals is to incentivize your current resident to do so. Sadly, a number of rental property owners adopt the lease renewal to raise their rental rate or add constraints that make their renter unhappy or unwilling to renew. While a rental rate increase may not constantly be avoidable, it should be acceptable and supported by a description of the value the tenant will receive in return.
As an example, you might highlight recent property upgrades, for instance, new appliances, advanced amenities, or improved security features. You may, on top of that, want to go into offering your resident a small discount for renewing early, a free carpet cleaning, or even a minor unit upgrade, including fresh paint or new fixtures. Even a small offering can be of great value toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
Performing these proven strategies can unavoidably improve resident retention, which leads to reduced turnover costs, rising property values, and more consistent, long-term tenants. Certainly, managing a rental property and resident relationships can be a real concern, plus not to mention, taking time and effort you may not have to give.
At Real Property Management Metro Detroit, we comprehend the importance of resident satisfaction. Therefore we competently implement all the above tactics – and much more! Contact us today or call 248-808-6550 if you need expert assistance in improving resident retention in Troy and nearby. Our team is ready to help you completely maximize the success of your rental properties with tailor-made services suited to your needs.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
