As a rental property owner, you are well alert that renter retention is imperative to long-term success. Not only do high turnover rates increase costs, but they can also threaten the stability of your investment property in other ways. For that reason, resident retention should be a first priority for landlords and rental property owners alike. Luckily, a few basic, tried-and-true strategies can make a huge difference in retaining residents’ content and being happy to renew their leases annually. Here are our best ideas for boosting resident retention and ensuring your properties stay profitable and prospering.
Build Trust Between Renters and Landlords
In the rental industry, so much of what owners and landlords do is about relationships with people. Good communication and a sense of trust between a renter and their landlord is an important element of long-term retention.
As a property owner, you can build a good relationship with your renters by connecting often (and constructively) with them, keeping open lines of communication, replying to their needs right away, and checking in with them on a regular basis. Even though you don’t want to go overboard, staying responsive to your renter can help them feel like you are worried about their safety and inspire them to stay in their rental home longer.
Ensure the Property is Properly Maintained
Along with cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is also vital. These two concepts complement one another, mainly when seeking to improve retention rates.
Insufficient property upkeep is one of the leading reasons why renters leave, primarily if they have made maintenance requests that have been unnoticed. Apart from that, proactive maintenance can reduce costs by avoiding costly emergency repairs and presenting to your renter that you want them to stay in a well-kept property. This may give them motivation to take good care of the property, which can also protect the value of your property.
Invest in Thorough Tenant Screening
Clearly, finding renters who will take good care of your property is easier said than done. Yet, you can methodically screen your applicants before signing a lease. Screening renters is imperative because it may help you assess whether a possible renter is trustworthy, in charge, and a good fit for your property.
An in-depth screening should provide a detailed look at your renter’s finances, credit history, and rental history and alert you of any previous concerns. Just bear in mind to ask for and check their references, such as former landlords, any criminal history in your state, and any states where they have previously lived.
Provide Incentives for Lease Renewal
The ideal method to encourage lease renewals is to incentivize your current resident. Disappointedly, numerous rental property owners abuse the lease renewal to raise their rental rate or imposed boundaries that make their renter unhappy or unwilling to renew. While a rental rate increase may not always be preventable, it should be reasonable and accompanied by a clarification of the value the tenant will receive in return.
For instance, you might highlight recent property upgrades, such as new appliances, greater amenities, or better-quality security measures. You might also try giving your resident a small discount for renewing early, a free carpet cleaning, or even a small unit update, such as fresh paint or new fixtures. Making your residents feel valued and keeping a sense of trust can be achieved with even a modest action.
When to Call the Experts
These proven strategies can considerably improve resident retention, lessen turnover costs, upsurge property values, and result in healthier, long-term tenancies. Obviously, managing a rental property and resident relationships can be problematic, requiring time and effort that you may not have available.
At Real Property Management First Coast, we know that managing rental property and resident relationships may be difficult and laborious, which you may not have available. Therefore, we’re here to assist you. Our staff is arranged to aid you in boosting resident retention in St. Augustine and adjacent areas. Contact us online or call 904-425-8388.
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.
