Improving your tenant retention is the key to long-term success as a single-family rental property owner. The more fulfilled and secure a quality tenant feels, the less likely they are to leave. Keeping a quality tenant for years can turn into higher profits and a more stable income. As such, it’s a good idea to follow a few tips for keeping your quality tenants right where they are.
Regular, Positive Communication
When it comes to tenant retention, nothing is more important than good communication. Industry professionals know that communicating regularly and effectively with a tenant can make a significant difference in tenant retention. Determine how your tenant prefers such interactions to take place (email, phone calls, or another method) and then make use of that preference. Thereby, healthy communication should start even before they sign the lease and continue throughout their occupancy.
Quick, Professional Responses
The way you deal with tenant repair requests, maintenance issues, and complaints will have a direct impact on tenant retention. If your tenants have concerns, show them that you care. Always be ready to give a quick and professional response so that they will be more likely to report small issues more often. Catching minor repairs early on can save you a lot of time and money later on.
Advanced Notice
Tenants appreciate as much advanced notice as you can give them. Make it a point to always give your tenants sufficient time to adjust and prepare when it concerns them — whether it’s the need to enter the property to perform maintenance or if you’ve decided to raise the rent. Going above and beyond what is simply required by law tells your tenants that you have their needs in mind.
Proactive Property Maintenance
Quality, long-term tenants are more likely to stay in a rental home that is being regularly and properly maintained. If your tenants notice the consistency of regular maintenance, they are bound to take good care of your investment property, too. Once they understand that caring for the property is a joint effort, they will want to participate in maintaining it as it may even fill them with a sense of satisfaction.
Requests for Feedback
Similarly, tenants who are confident that their landlords are listening carefully often report higher levels of satisfaction with their living situations. You can cultivate this satisfaction by specifically requesting feedback from your tenants. Make it a practice to ask your tenants what problems they have encountered. While you’re at it, ask them for a “wish list” of items. If possible, include at least one of these items in your property maintenance plan. In doing so, you’re showing your tenants that their long-term happiness is something you’re willing to invest in.
Pay attention to these simple steps to not only improve your tenant retention but your investment’s bottom line as well! If this list seems a little overwhelming, Real Property Management Eclipse can make a real difference. Contact us online or call us at 425-209-0252 and ask our Seattle property managers about our flexible property management plans.
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