As a rental property owner, you already know that renter retention is vital for long-term success. Not only do high turnover rates increase costs, but they can also disrupt the stability of your investment property in other ways. Due to this, resident retention should be a main priority for landlords and rental property owners alike. Happily, some easy, demonstrated strategies can make a big difference in retaining residents satisfied and pleased to renew their leases year after year. If you want your properties to stay profitable and successful, here are our top recommendations for boosting resident retention.
Build Trust Between Renters and Landlords
Owners and landlords in the rental industry rely heavily on relationships with people. Clear communication and a sense of trust between a renter and their landlord is an important element of long-term retention.
Property owner can build a good relationship with your renters by regular (and positive) communication, the establishment of open lines of communication, the timely fulfillment of tenant requests, and periodic (but positive) checks in. You don’t want to go overboard, but staying responsive to your renter can help them feel like you care about their well–being and inspire them to stay in their rental home longer.
Ensure the Property is Properly Maintained
Keeping up with your property maintenance and repairs is just as important as cultivating a positive relationship with your renters. These two approaches complement one another, mainly when the goal is to improve retention rates.
One of the primary reasons why renters leave is poor property upkeep, primarily if they have made maintenance requests that have gone unanswered. Additionally, proactive maintenance can reduce costs by avoiding costly emergency repairs and proving to your renter that you want them to live in a well-kept property. As a result, they might be more inclined to take good care of the property, which can also protect the value of your property.
Invest in Thorough Tenant Screening
Naturally, finding renters who will take good care of your property is easier said than done. Yet, you can exhaustively screen your applicants before signing a lease. Screening renters is crucial because it can help choose if a potential renter is steadfast, accountable, and a good fit for your property.
A comprehensive investigation should provide a detailed look at your renter’s finances, credit history, and rental history and alert you to any past issues. Just don’t forget to ask for and check their references, which should include their prior landlords, criminal records in your state, and states in which they have lived.
Provide Incentives for Lease Renewal
Incentivizing your present resident is a fantastic strategy to encourage lease renewals. Unluckily, a lot of rental property owners abuse the lease renewal to raise their rental rate or add restrictions that make their renter unhappy or unwilling to renew. Rental rate increases are inevitable in some cases, but they should always be fair and backed by an explanation of the value the tenant will receive in return.
For instance, you might highlight recent property upgrades, such as new appliances, upgraded facilities, or improved security features. A small discount for renewing early, a complementary carpet cleaning, or even a little unit update, such as fresh paint or new fixtures, are all great ideas to consider presenting to your renter. A little gesture goes a long way toward making your resident feel valued and maintaining a sense of trust.
When to Call the Experts
Improved resident retention, less turnover, better resident retention, and more stable, long-term tenancies, are all possible outcomes of implementing these proven strategies. Of course, managing a rental property and resident relationships can be difficult, demanding, and time-consuming.
You may not have the time or energy to devote to managing rental property and resident relationships, but we at Real Property Management Boise realize that it may be a genuine issue. For that reason, we are available to lend a hand. If you’re looking to boost resident retention in Kuna and its vicinity, our team is here to help. Contact us online or call 208-494-1800.
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