Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more fulfilled and secure a quality tenant feels, the less likely they are to leave. Keeping a quality tenant for years can turn into higher profits and a more stable income. As such, it’s a good idea to follow 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 significantly impact tenant retention. Find out how a tenant prefers such interactions to take place (email, phone calls, or another method) and take advantage of that. In this manner, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
The manner with which you tackle tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. Tenants expect you to pay attention to their requests. When you offer quick and professional responses, they are more likely to report small issues more often. Catching minor repairs early on can save you a lot of time and money later on.
Advanced Notice
Tenants appreciate as much advanced notice as you can give them. From needing to enter the property to perform maintenance to raising the rent, always give your tenants the time they need to adjust. Going above and beyond what is required by law shows 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. Do you want your tenants to take good care of your investment property? Show them regular maintenance. Have them realize that caring for the property is a joint effort. In their participation in maintenance, they are more likely to feel a deep sense of satisfaction in contributing to the good condition of the property.
Requests for Feedback
In the same way, tenants who know 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. While asking your tenants if there are any problems is good, you can go the extra mile by asking them for a “wish list” of items. Include at least one of these items in your property maintenance plan if possible. In doing so, you’re showing your tenants that their long-term happiness is something you’re willing to invest in.
Observe these strategies and apply them where you can, so that you can improve your tenant retention and your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Executives Greater Atlanta can make a real difference. Contact us online or call us at 678-765-8383 and ask our Alpharetta property managers about our flexible property management plans.