As a rental property owner, you already discover that renter retention is one of the chief keys to long-term success. Not only do high turnover rates increase costs, but all the more, they can thoroughly disrupt the stability of your investment property in other ways. On this account, resident retention should be a top priority for landlords and rental property owners alike.
Luckily, a few easy, proven strategies can be very essential in keeping residents delighted and gladly eager to renew their leases yearly. Here are our best pointers for boosting resident retention and making certain your properties stay profitable and triumphantly thriving.
Establish Trust Between Renter and Landlord
In the rental industry, so much of what owners and landlords do is with regard to relationships with people. In truth, strong and effective communication, and a sense of trust between a renter and their landlord is a major part of long-term retention.
As a property owner, you can smoothly foster a strong relationship with your residents by communicating often (and positively) with them, establishing open lines of communication, acknowledging their requests timely, and checking in with them at regular intervals. Though conceding you don’t want to overdo it, staying responsive to your renter can help them feel like you care about their ease and well-being, and greatly inspire them to stay in their rental home longer.
Keep the Property Well-Maintained
Along with cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is similarly important. Really, these two strategies go hand-in-hand, particularly when looking to improve retention rates.
Poor and substandard property upkeep is among the top reasons why renters leave, especially if they have presented maintenance requests that have gone unnoticed and disregarded. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and clearly showing to your renter that you want them to occupy a well-kept property. This, in turn, may trigger them to take good care of the property, which can similarly protect the value of your property.
Invest in Quality Tenant Screening
As a matter of course, finding renters who will take good care of your property is easier said than done. Anyhow, you can intently screen your applicants before signing a lease. Screening renters is crucial owing to the fact it can help you clearly know that a potential renter is steadfast, responsible, and a good fit for your property.
A prime screening should bestow you with a detailed look at your renter’s finances, credit history, and rental history and forewarn you of any past struggles and troubles. Just ensure to ask for and check their references, including previous landlords, as well as any criminal history in your State and any States in which they’ve previously dwelt.
Offer Renewal Incentives
A useful way to encourage lease renewals is to incentivize your current resident to do so. Lamentably though, most rental property owners just use the lease renewal to raise their rental rate or add stipulations that make their renter unhappy or unwilling to renew. While a rental rate increase may not, at all times, be avoidable, it should be understandably rational and supported by a description of the value the tenant will receive in return.
For instance, you might highlight recent property upgrades, like for example new appliances, up-to-date amenities, or stengthened security features. You may likewise want to look into offering your resident a small discount for renewing early, a free carpet cleaning, or even a minor unit upgrade, for a case in point fresh paint or new fixtures. Even a small offering can make a big difference toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
Practicing these proven strategies can immensely improve resident retention, resulting in reduced turnover costs, rising property values, and more trustworthy, long-term tenants. Certainly, managing a rental property and resident relationships can be a real struggle and challenge, along with taking time and effort you may not have to give.
At Real Property Management Lakeshore, we are totally aware of the importance of resident satisfaction. Accordingly, we execute all the above measures – and much more! Contact us today or call 920-305-7077 if you need expert assistance in intensifying resident retention in Oshkosh and nearby. Our team is ready to help you unreservedly maximize the success of your rental properties with custom solutions devised to fulfill your unique needs.
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.
