In the world of property management, it is a well-known fact that it is easier to retain good tenants than it is to spend the time, money and energy to find new ones. Knowing this, here are several direct strategies to help your property retain tenants and strengthen your community.
Why Retaining Renters is Preferred
Maintaining current tenants is highly beneficial, as retention ensures a consistent and reliable stream of income by eliminating the costs and time associated with high turnover. Frequent vacancies create financial strain due to lost rent and operational expenses, including marketing, tours, and extensive paperwork. Furthermore, retaining tenants drastically reduces recurring turnover costs, saving money on deep cleaning, maintenance preparation, and mandatory tenant screening fees. Ultimately, keeping proven, quality tenants increases certainty and reduces risk, simplifying property management by settling questions about reliability, respectfulness, and on-time rent payments.
Respond To Requests in a Timely Manner
From leaky faucets to clogged drains, repairs are a common event in rental units. Ensure you have a communication system that enables your property management team to respond quickly and efficiently to any issues that may arise. Being prompt, courteous, and available to address maintenance issues can determine whether a tenant renews their lease or seeks a more responsive property manager.
Make Rent Collection Easy
Paying rent every month should not be a Herculean feat. Online payments are the most preferred method. According to a 2021 Property Management Industry Report, 56.9% of renters seek rental properties that offer online rental payments.
Offer Incentives for Lease Renewals
Sometimes, tenants may need motivation to renew their lease. This is an ideal moment to offer an incentive. Lease renewal incentives could include a discount on a month’s rent, a property upgrade, or the inclusion of utilities in the rent.
It’s essential to inquire about your tenants’ interest in renewing at least 60 days before their lease concludes. This provides them ample time to consider their options, and if they choose not to renew, you’ll have sufficient time to find a new tenant.
Prioritize Privacy
Everyone deserves privacy. Remember that, even with tenants who have requested repairs, be sure to give them sufficient notice when entry into their unit is required t. Be as discreet as possible while in the unit, and remember this is their personal space.
Want more information about how to retain your valued renters? Talk to our team at Thayer & Associates for more advice and resources.