As a rental property owner, you already acknowledge that renter retention is vital for long-term success. Not only do high turnover rates increase costs, but they can also disrupt the stability of your investment property in other ways. Because of this, resident retention should be a main priority for landlords and rental property owners alike. To keep residents pleased and encourage them to renew their leases year after year, it’s helpful to employ a few easy, tried-and-true strategies. Here are our ideal approaches for boosting resident retention and ensuring your properties stay profitable and thriving.
Build Trust Between Renters and Landlords
In the rental industry, so much of what owners and landlords do is about relationships with people. Successful communication and a sense of trust between a renter and their landlord is a vital component of long-term retention.
As a property owner, you can build a good relationship with your renters by cooperating regularly (and encouragingly) with them, developing open lines of communication, replying to their requests immediately, and checking in with them every now and then. Even though you don’t want to spoil it, staying responsive to your renter can help them feel like you care about their comfort and inspire them to stay in their rental home longer.
Ensure the Property is Properly Maintained
In addition to cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is equally critical. These two tactics go hand-in-hand, mostly when striving to improve retention rates.
Inadequate property upkeep is among the top reasons why renters leave, particularly if they have made maintenance requests that have gone unnoticed. Aside from that, proactive maintenance can reduce costs by avoiding costly emergency repairs and showcasing to your renter that you want them to live in a well-kept property. This, in turn, may inspire them to take good care of the property, which can also protect the value of your property.
Invest in Thorough Tenant Screening
For sure, finding renters who will take good care of your property is hard to attain. Nonetheless, you can carefully screen your applicants before signing a lease. Screening renters is imperative since it can help determine if a potential renter is consistent, answerable, and a good fit for your property.
A complete background check should provide a detailed look at your renter’s finances, credit history, and rental history and alert you to any past problems. Just be sure to ask for and check their references, such as former landlords, any criminal history in your state, and any states where they’ve formerly be located in.
Provide Incentives for Lease Renewal
An excellent approach to encourage lease renewals is to incentivize your current resident. Inappropriately, numerous rental property owners manipulate the lease renewal to raise their rental rate or apply restrictions that make their renters unhappy or unwilling to renew. Although a rental rate increase is inevitable, it should be fair and reinforced by an explanation of the value the tenant will receive in return.
For example, you might highlight recent property upgrades, such as new appliances, improved facilities, or heightened security systems. You may also need to contemplate offering your resident a small discount for renewing early, a free carpet cleaning, or even a small unit upgrade, such as fresh paint or new fixtures. Even a small present can go a long way toward making your resident feel valued and keep a sense of trust.
When to Call the Experts
These proven strategies can greatly improve resident retention, diminish turnover costs, raise property values, and generate more constant, long-term tenancies. For sure, managing a rental property and resident relationships can be a real test, not to mention requiring time and effort you may not have to give.
At Real Property Management All Connect, we are mindful that managing rental property and resident relationships can be difficult and laborious. As a result, we’re here to help. Our staff is willing to assist you in boosting resident retention in Round Rock and adjacent areas. Contact us online or call 512-806-0606.
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.
