It can be difficult to obtain high-quality tenants for your property. You have to hold interviews and perform background checks to prevent the likelihood of obtaining a problematic tenant. Even with a thorough screening process, you still might end up with a bad egg! When you find a good tenant for your property, it is important to hold onto them to prevent vacancies (or potentially bad tenants) from becoming an issue. For this reason, we have devised 10 ways to retain the best tenants in your rental property.
1. Retention Begins at Move-in
First impressions matter. Studies have shown that tenants that were satisfied at move-in are far more likely to be satisfied when it is time to renew. A simple gift, like a welcome basket, can go a long way toward helping you retain tenants.
2. Build Relationships
Unlike many other kinds of business, your clients aren’t simply gone once they make their purchase. Where they live is a significant factor in their life, so you need to make an effort to build a relationship with your tenants. Check in with them regularly and remember important dates, like their birthdays. Be professional, as well as friendly.
3. Adjust Rent along with the Market
Rent that is higher than the market average is just going to lose you customers. Do your research and ensure that your prices are competitive in order to retain your tenants.
4. Upgrade the Property
Ensure that all maintenance is regularly done on the property. Offer upgrades periodically, especially for tenants that you want to keep. Adding a dishwasher may make all the difference when a tenant decides whether to stay or move on.
5. Be Proactive
Reach out to your tenants about 90 days prior to the end of the lease. Not only will this encourage them to start thinking about their plans, but it will often result in you getting more notice if they intend to move out.
6. Offer Incentives for Renewal
Provide your tenants with a reason to renew their lease. Offer discounted rates or other bonuses if they renew their lease. You may also want to consider offering longer lease terms at lower monthly rates.
7. Build a Community
A community where a tenant feels welcome and valued will be the kind of place that the tenant will want to live in.
8. Improve the Security of the Area
Feeling unsafe is one of the leading reasons that tenants move to new areas. Take steps to improve the security of your rental property to prevent this from becoming an issue.
9. Be Responsive
Respond quickly to requests or questions. This will ensure that the tenant knows that you value their time and their concerns.
10. Invest in Energy Efficiency
Energy efficient homes are a huge draw for both obtaining good tenants and retaining them. This can help lower utility bills, increase the value of the property, and give tenants a reason to renew their lease. To learn more about the best ways to retain tenants in your rental properties, contact our experts at the Keyrenter in Highlands Ranch today!