As a rental property owner, you already distinguish that renter retention is one of the vital keys to long-term success. Not only do high turnover rates increase costs, but more than that, they can further disrupt the stability of your investment property in other ways. Therefore, resident retention should be a top priority for landlords and rental property owners alike.
However, it’s fortunate that a few very simple, proven strategies can be of great value in keeping residents content and extremely happy to renew their leases each year. Here are our best tips for boosting resident retention and securing your properties stay profitable and completely thriving.
Establish Trust Between Renter and Landlord
In the rental industry, so much of what owners and landlords do is with reference to relationships with people. In reality, effective communication and a sense of trust between a renter and their landlord is an essentially important part of long-term retention.
As a property owner, you can foster a strong relationship with your residents by communicating very often (and positively) with them, building open lines of communication, addressing their requests soonest possible time, and checking in with them every now and then. Though you don’t want to overdo it, staying responsive to your renter can immensely help them feel like you care in regard to their well-being and satisfaction, and inspire them to stay in their rental home longer.
Keep the Property Well-Maintained
Aside from cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is also critically important. Actually, these two strategies go hand-in-hand, in particular when looking to improve retention rates.
Lack of property upkeep is among the top reasons why renters leave, especially if they have sent maintenance requests that have been unheeded. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and exhibiting to your renter that you want them to settle in a well-kept property. This, in turn, may prod them to take good care of the property, which can likewise protect the value of your property.
Invest in Quality Tenant Screening
But, it’s true, finding renters who will take good care of your property is easier said than done. Despite that, you can meticulously screen your applicants before signing a lease. Screening renters is very important on account that it can help you understand if a likely renter is reputable, responsible, and a good fit for your property.
A nice, quality screening should present you with a detailed look at your renter’s finances, credit history, and rental history and signal you to any past troubles and issues. Just completely make sure to ask for and check their references, including all previous landlords, as well as any criminal history in your State and any States in which they’ve resided previously.
Offer Renewal Incentives
A sensible way to encourage lease renewals is to incentivize your current resident to do so. Regretfully, most rental property owners make use of the lease renewal to raise their rental rate or add prohibitions that make their renter unhappy or unwilling to renew. While a rental rate increase may not be avoidable every time, it should be validly reasonable and supported by a description of the value the tenant will receive in return.
As an illustration, you might highlight recent property upgrades, such as new appliances, modernized amenities, or improved security features. You may further want to choose to offer your resident a small discount for renewing early, a free carpet cleaning, or even a minor unit upgrade, take for example fresh paint or new fixtures. Even a small offering can, indeed, go very far toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
Doing these proven strategies can unquestionably improve resident retention, causing reduced turnover costs, rising property values, and more reliable, long-term tenants. Unmistakably, managing a rental property and resident relationships can be a real hard challenge, besides taking time and effort you may not have to give.
At Real Property Management Folsom Lake, we perceive well the importance of resident satisfaction. This is the reason we accomplish all the above recommendations – and much more! Contact us today or call 916-850-2844 if you need expert assistance in enhancing resident retention in Folsom and nearby. Our team is ready to help you fully maximize the success of your rental properties with one-of-a-kind solutions tailored to specifically meet your varied 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.
