Resident Retention Ideas
7 Best Ways to Retain Tenants
1. Have An Upgrade Program
When your residents agree to stay on for another year, let them choose a way to upgrade the home in some way. You could offer better sink fixtures, accent walls, a ceiling fan, or something else that you prefer. This keeps your costs down and allows your resident to feel cared for... plus you've just increased the future value of your rental unit.
2. Make Sure You Take Care of Them
Like it or not, a rental agreement is just a business arrangement. If you treat residents in a poor fashion, then they'll be more likely to bail when their lease is up. If you work to establish a positive relationship and you work to take care of them, then you'll be more likely to get an extension addendum signed.
3. Enroll the Property in a Tenant Liability Insurance Program
The cost of many policies is less than $10 per month, which may be less than the cost of an upgrade to the apartment. You could take on the cost yourself in the rental agreement and return part of the upfront security deposit that was paid. Let's face it – everyone loves having a little extra cash.
4. Gift Cards Always Provide a Good Temptation
It always boils down to value. Your resident must see that your properties have more value than the competing properties that are available in your area. Gift cards that are presented on a lease extension can provide that value, as can other local discounts, bus passes, or other items that your resident may need to make life a little easier.
5. Create a Sense of Community
When your residents feel like they are part of an integrated community, they'll feel like they are betraying their friends when they decide to move out. That usually means they won't move out unless they are forced to relocate because of their job or their family.
6. Remember Who They Are as People
A simple way to show that you appreciate a resident and are thinking about them is to send them and their kids a birthday card. You've got most of that information in your file already from the lease or the background check that you had done before they moved in. Mine that data and then use it to show your appreciation.
7. Offer Some Business Services
If you allow for free copies, faxes, or WiFi access, then you'll let those who need to work from home or are telecommuting the chance to get their job done without an added cost. A number of other services like having a spare vacuum on hand or jumper cables or even extra laundry soap that someone can use in a pinch will help show your residents that you'll go the extra mile for them.
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