Holding onto great tenants is a must for successful property owners. Improving tenant retention saves you the hassle of looking for another tenant, reduces the costs of having a vacancy, and eliminates the costs of marketing your unit. Plus, if you have a tenant who communicates well and cares for the property, it can go a long way to keeping your investment in good shape. It’s well worth your time to figure out how to keep these quality tenants.
Central Erin Property Management has a lot of experience improving tenant retention. Here are some of our top tips:
1. Long-Term Fixes
While good tenants will alert you to property maintenance issues and aren’t bothered when you schedule repairs, they don’t want to be dealing with frequent problems. You may think that scheduling simple, band-aid repairs is the best way to stay out of your tenant’s hair, but not fixing the underlying issue could be much worse for tenant retention.
Imagine that your property has an old roof. Every six months to a year, you need to hire a roofing company to fix a small leak or replace missing shingles. It’s true that a full roof replacement is disruptive, but it should be over in a day or two. This is actually much more convenient for your tenant than dealing with smaller fixes more frequently. So, we recommend investing in fixing the underlying maintenance issues on your property.
2. Focus on Tenant Needs
Tenants are customers and, like any customers, their needs and wants change over time. If you haven’t reassessed what your customers want in a few years, it’s time. Depending on what market you serve, you may want to consider offering these features/services:
WiFi packaged with rent or utilities: Older tenants may not understand WiFi, and students may appreciate not having to buy routers outright.
Permission to make non-permanent changes: Allow tenants to change paint colour and hang décor even if it means putting nail holes in the wall. Tenants who care about the appearance of their home are valuable, and allowing them to make changes is a great way to keep them.
Include snow shoveling services: Older tenants may be unable to shovel their own snow. Students may argue over whose responsibility it is, leading to property damage when the snow is not removed.
High-end home features: In high-end markets, having the best home features will keep tenants longer, and it may cut your vacancy rate too. Consider towel warmers, wine cellars, outdoor kitchens, smart thermostats, and other technological features.
3. Communicate
Tenants prefer to stay with landlords who appear open, kind, honest, and understanding. Whenever you interact with your tenants keep that in mind, even if they’re in the wrong. Keep in mind that if you only communicate with tenants when they’ve missed a payment or when there is a problem with the property then they may associate your communication with stress. One way to counteract this is to send then holiday greetings and other positive messages throughout the year.
Improve Tenant Retention Through Property Management
As experienced, professional property managers the team at Central Erin Property Management has many more strategies to improve your tenant retention and get you the most income for your properties. If you’re struggling to retain tenants, it may be time to pass the reins to our professional team. Reach out to us today for a property proposal.