As a rental property owner, you’ve already found out that renter retention is one of the primary keys to long-term success. Not only do high turnover rates increase costs, but more so, they can utterly 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.
Fortunately, it’s true that some trouble-free, proven strategies can count a lot in keeping residents contented and joyfully eager to renew their leases each year. Here are our best guidelines for boosting resident retention and making sure your properties stay profitable and efficaciously thriving.
Establish Trust Between Renter and Landlord
In the rental industry, so much of what owners and landlords do is in connection with relationships with people. Indeed, valuable 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 hugely foster a strong relationship with your residents by communicating regularly (and positively) with them, forming open lines of communication, answering their requests immediately, and checking in with them occasionally. Though you don’t want to overdo it, staying responsive to your renter can certainly help them feel like you care about their satisfaction and well-being, and inspire them to stay in their rental home longer.
Keep the Property Well-Maintained
Added to cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is, indeed, vitally important. It has been found that these two strategies go hand-in-hand, specifically when looking to improve retention rates.
Unacceptably poor property upkeep is among the top reasons why renters leave, especially if they have prepared maintenance requests that have been neglected. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and properly showing to your renter that you want them to live in a well-kept property. This, in turn, may entice them to take good care of the property, which can indeed 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 critical considering that it can help you discover if an expected renter is truly realiable, responsible, and a good fit for your property.
A superb screening should grant you a detailed look at your renter’s finances, credit history, and rental history and tell you about any past concerns. Just ensure to ask for and check their references, not forgetting previous landlords, as well as any criminal history in your State and any States in which they’ve previously occupied.
Offer Renewal Incentives
An appropriate way to encourage lease renewals is to incentivize your current resident to do so. Sadly, most rental property owners utilize the lease renewal to raise their rental rate or add reservations that make their renter unhappy or unwilling to renew. While a rental rate increase may not constantly be avoidable, it should be justifiable and supported by a description of the value the tenant will receive in return.
For instance, you might highlight recent property upgrades, new appliances, refined amenities, or improved security features. You, on top of everything else, may want to take into account 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 very essential to making your resident feel valued and maintaining a sense of trust.
When to Call the Experts
Putting into effect these proven strategies can very much improve resident retention, inducing reduced turnover costs, rising property values, and more stable, long-term tenants. Certainly, managing a rental property and resident relationships can be a real concern, furthermore taking time and effort you may not have to give.
At Real Property Management Thrive, we comprehend the huge importance of resident satisfaction. Therefore we comply with all the above action plans and strategies – and much more! Contact us today or call 603-255-4100 if you need expert assistance in developing resident retention in Bedford and nearby. Our team is ready to help you fully maximize the success of your rental properties with tailor-made solutions fitted to your unique 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.
