Five Strategies to Increase Tenant Retention
Just because a tenant’s signed a lease, doesn’t mean they’ll stay--keeping a good tenant around has a lot to do with being a good property manager. Being flexible and friendly, yet professional, is crucial to tenant retention. Here are five strategies to increase tenant retention.
1. Call 48 Hours Before Coming Over
Don’t show up unannounced. Nothing causes more frantic cleaning and a painful feeling of awkward invasion than a property manager who shows up without calling first. Many folks don’t even like friends stopping by spontaneously, much less a landlord interrupting their dinner party. It’s important and polite to respect people's backgrounds and personalities. Calling 48 hours ahead of time is a safe time frame that allows them to adjust their schedule and prepare for the visit.
2. Allow (Reasonable) Changes to the Property
Good tenants care about the property they live on. When they move in, they look for desirable features in the property, such as landscaping and space for a garden or an area for children to play. They keep the property in good shape because they’re not just looking for a cheap place to rest their head, trash, and leave. They’re building a home and taking pride in its aesthetics and functionality.
To keep these tenants, it’s important to allow them to personalize the property, whether it’s through planting an apple tree on the sunny side, growing a luscious garden, or adding a tool shed out back. Not only will this increase tenant retention but it will increase the value of your property with minimal effort on your part.
3. Allow (Reasonable) Changes to the Interior
Good tenants--tenants who stick around--may want to do more than just hang up a poster. They might call you with ideas to paint a mural in the baby’s room or install a bar in the dining area. You can state in the rental agreement that the tenant must discuss or collaborate on these projects with you. Remember, a client who can get creative in building their home is a tenant who’s invested in it. This tenant is likely to stick around and re-sign the lease for years to come.
4. Be Prompt when Fixing Issues
While the aforementioned tenants who get jazzed up about installing a bar or planting an apple tree are likely to unclog their own toilets and change their own light bulbs, they might not have the time or inclination to fix bigger projects. If the stove or the sink is in a state of disrepair, it can throw a wrench into their busy schedule. If you’re prompt on fixing the sink when your tenants need you, they’ll stick around longer.
5. Be Flexible and Understanding
That being said, if the tenant gets laid off, a move to an apartment with lower rent will look appealing, even if their decrease in income is highly temporary. A good tenant will appreciate a good property manager--one who understands when times are tough and is willing to reduce rent for one month. Another kind and smart thing to do when a tenant is considering re-signing the lease is to offer a rent discount on the first month. Again, this will prevent them from moving, and save you the headache and income loss of finding a new tenant.
Tenants who are treated like people with desires and needs will feel respected and valued. This will encourage them to be even better tenants because they’ll know they can invest in the property without fear of a picky property manager undoing their homemaking. If your final goal is to sell the home, these tenants could be the ones, if allowed to treat it as their own home, which it is, after all. Keep these strategies at the helm of your operations to ensure a long term, positive relationship with your tenants.
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