As a rental property owner, you already know that renter retention plays a crucial part in long-term success. Not only do high turnover rates increase costs, but they can also hinder the stability of your investment property in other ways. Therefore, resident retention should be a top priority for landlords and rental property owners alike. The good thing is that a few simple, effective strategies can positively impact residents’ fulfillment and willingness to renew their leases year after year. Here are our best recommendations for boosting resident retention and guaranteeing your properties stay profitable and prospering.
Build Trust Between Renters and Landlords
Relationships with people play a significant part in the work that owners and landlords do in the rental industry. A key aspect of long-term retention is good communication and a feeling of trust between a renter and their landlord.
As a property owner, you can build a good relationship with your renters by communicating frequently (and pleasantly) with them, maintaining open lines of communication, answering their needs promptly, and following up with them regularly. While you don’t want to overact it, staying responsive to your renter can help them feel like you care about their well-being and inspire them to stay in their rental home longer.
Ensure the Property is Properly Maintained
In addition to cultivating a positive relationship with your renters, it is equally vital to stay on top of your property maintenance and repairs. These two approaches go hand-in-hand, specifically when pointing to improve retention rates.
Bad property upkeep is among the key reasons why renters leave, particularly if they have made maintenance requests that have been unnoticed. Additionally, proactive maintenance can reduce costs by avoiding costly emergency repairs and expressing to your renter that you want them to live in a well-kept property. In turn, this might encourage them to take good care of the property, which can also protect the value of your property.
Invest in Thorough Tenant Screening
Indeed, finding renters who will take good care of your property can be quite tricky. Yet, you can methodically screen your applicants before signing a lease. Screening renters is a must since it can help you evaluate whether a potential renter is sincere, responsible, and a good fit for your property.
An excellent screening should provide a detailed look at your renter’s finances, credit history, and rental background and alert you to any past problems. Just remember to ask for and check their references, like previous landlords, any criminal history in your state, and any states where they’ve previously be located in.
Provide Incentives for Lease Renewal
The best approach to encourage lease renewals is to incentivize your current resident. Unfortunately, numerous rental property owners take advantage of the lease renewal to raise their rental rate or add limitations that make their renter unhappy or unwilling to renew. Even though a rental rate increase may not always be avoidable, it should be rational and justified by a description of the value the tenant will receive in return.
For instance, you might highlight recent property upgrades, such as new appliances, improved amenities, or better-quality safety features. You may also want to think about giving your resident a small discount for renewing early, an additional carpet cleaning, or even a small unit upgrade, such as fresh paint or new fixtures. Even a minor offering can go a long way toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
These proven strategies can greatly improve resident retention, lessen turnover charges, increase property values, and generate happier, long-term tenancies. Indeed, managing a rental property and resident relationships can be an exhausting task, not to mention a time and effort obligation that you might not be able to make.
At Real Property Management Catalyst, we know that managing rental property and resident relationships can be a significant challenge, requiring a significant amount of time and effort that you might not have available. That’s why we are here to give assistance. Our staff is ready to assist you in boosting resident retention in Largo and its vicinity. Contact us online or call 727-202-9077.
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.
