Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more welcomed and comfortable a quality tenant is in your rental home, 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 is the case, it would be worth your time to learn 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 make a significant difference in tenant retention. Figure out how a tenant prefers such interactions to take place (email, phone calls, or another method) and then use that preference. As a result, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
The manner of addressing tenant repair requests, maintenance issues, and complaints will have a direct impact on your tenant retention. The frequency of tenants reporting small issues will depend on how quick and professional of a response you have to offer them. Make this a priority because this will show your tenants that they matter to you. Catching minor repairs early on can save you a lot of time and money later on.
Tenants appreciate as much advanced notice as you can give them. Make sure you inform your tenants ahead of time. Whether it’s to enter the property to perform maintenance, to raising the rent — give your tenants the time they need to prepare. Going above and beyond what is simply required by law assures 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. One way of encouraging your tenants to take good care of your investment property is to show them regular maintenance. Once they see that caring for the property is a joint effort, they will feel an increased satisfaction when they participate in maintenance.
Requests for Feedback
Quite often, tenants who know that their landlords are listening carefully often report higher levels of satisfaction with their rentals. You can cultivate this satisfaction by specifically requesting feedback from your tenants. Ask them what their problems are, and ask them to include a “wish list” for items. If possible, include at least one of these items in your property maintenance plan. Not only does this guarantee your tenants that you are actually listening to them but it also speaks of your willingness to invest in their long-term happiness.
Keep track of these simple approaches that will lead to the improvement of your tenant retention, as well as your investment’s bottom line. If this list seems a little overwhelming, Real Property Management Baton Rouge can make a real difference. Contact us online or call us at 225-389-6860 and ask our Baton Rouge property managers about our flexible property management plans.
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