As a rental property owner, you already really understand that renter retention is one of the keys to long-term success. Not only do high turnover rates increase costs, but at the same time, they can totally disrupt the stability of your investment property in other ways. For this reason, resident retention should be a top priority for landlords and rental property owners alike.
Thankfully, a few easy, proven strategies can significantly contribute to keeping residents content and exhilarated to renew their leases year after year. Here are our best recommendations for boosting resident retention and seeing to it that your properties stay profitable and effectively thriving.
Establish Trust Between Renter and Landlord
In the rental industry, so much of what owners and landlords do is with respect to relationships with people. To be sure, effective communication and a sense of trust between a renter and their landlord is a critical part of long-term retention.
As a property owner, you can easily foster a strong relationship with your residents by communicating constantly (and positively) with them, establishing open lines of communication, addressing their requests quickly, and checking in with them regularly. Even as you don’t want to overdo it, staying responsive to your renter can help them feel like you care in relation to their delight and well-being, and inspire them to stay in their rental home longer.
Keep the Property Well-Maintained
In conjunction with cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is similarly critical. Indeed, these two strategies go hand-in-hand, particularly when looking to improve retention rates.
Faulty and poor property upkeep is among the top reasons why renters leave, especially if they have presented maintenance requests that have been unfulfilled. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and explicitly demonstrating to your renter that you want them to set up a home in a well-kept property. This, in turn, may make them take good care of the property, which can likewise protect the value of your property.
Invest in Quality Tenant Screening
Unquestionably, finding renters who will take good care of your property is easier said than done. But despite that, you can attentively screen your applicants before signing a lease. Screening renters is critically important in so far as it can help you perceive if a potential renter is unwavering, responsible, and a good fit for your property.
An ideal, quality screening should give you a detailed look at your renter’s finances, credit history, and rental history and keep you posted on any past issues. Just never forget 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 lived before..
Offer Renewal Incentives
A great way to encourage lease renewals is to incentivize your current resident to do so. How unfortunate it is that many rental property owners only use the lease renewal to raise their rental rate or add more restrictions that make their renter unhappy or unwilling to renew. While a rental rate increase may not constantly be avoidable, it should be genuinely reasonable and supported by a description of the value the tenant will receive in return.
Like, for example, you might highlight recent property upgrades, for instance new appliances, upgraded amenities, or improved security features. You may, in addition, want to evaluate offering your resident a small discount for renewing early, a free carpet cleaning, or even a minor unit upgrade, such as fresh paint or new fixtures. Even a small offering can contribute much toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
Accomplishing these proven strategies can massively improve resident retention, resulting in reduced turnover costs, rising property values, and more secure, long-term tenants. Unquestionably, managing a rental property and resident relationships can be a real ordeal, and not to forget, taking time and effort you may not have to give.
At Real Property Management Eclipse, we take into serious account the importance of resident satisfaction. Consequently, we utlize all the above means – and much more! Contact us today or call 425-209-0252 if you need expert assistance in augmenting resident retention in Bellevue and nearby. Our team is ready to help you fully maximize the success of your rental properties with custom-made solutions perfectly adapted to your 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.
