As a rental property owner, you already hear and understand that renter retention is one of the keys to long-term success. Not only do high turnover rates increase costs, but more importantly, they can disrupt the stability of your investment property in other ways. Accordingly, resident retention should be a top priority for landlords and rental property owners alike.
Happily, these few worry-free, proven strategies can be of great importance in keeping residents content and delighted to renew their leases each year. Here are our best practical tips for boosting resident retention and securing 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 regarding relationships with people. Indeed, good communication and a sense of trust between a renter and their landlord is a primal part of long-term retention.
As a property owner, you can foster a strong relationship with your residents by communicating quite often (and positively) with them, establishing open lines of communication, replying to their requests quicker, and checking in with them regularly.
Even though you don’t want to overdo it, staying responsive to your renter can help them feel like you care on the subject of their comfort and influence them to stay in their rental home longer.
Keep the Property Well-Maintained
Besides cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is secondly important. It has been found that these two strategies go hand-in-hand, particularly when looking to improve retention rates.
Very poor property upkeep is among the top reasons why renters leave, especially if they have made maintenance requests that have been overlooked. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and indicating to your renter that you want them to live in a well-kept property. This, in turn, may evoke in them the desire to take good care of the property, which can also protect the value of your property.
Invest in Quality Tenant Screening
It goes without saying that finding renters who will take good care of your property is easier said than done. That being said, you can seriously screen your applicants before signing a lease. Screening renters is important since it can help you determine if a particular renter is surely reliable, responsible, and a good fit for your property.
A fine, quality screening should bestow you with a detailed look at your renter’s finances, credit history, and rental history and caution you against any past issues and dilemmas. Just secure 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
One of the best solutions to encourage lease renewals is to incentivize your current resident to do so. Disappointingly, a lot of rental property owners apply the lease renewal to raise their rental rate or add qualifications that make their renter unhappy or unwilling to renew. While a rental rate increase may not, each time, be avoidable, it should be well-grounded and supported by a description of the value the tenant will receive in return.
For instance, you might highlight recent property upgrades, in particular new appliances, improved amenities, or strengthened security features. You may, over and above that, want to take into consideration 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 count a lot toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
Carrying out these proven strategies can consequently improve resident retention, as it may result in reduced turnover costs, rising property values, and more stable, long-term tenants. It goes without saying that managing a rental property and resident relationships can be a real dilemma or challenge, in addition to taking time and effort you may not have to give.
At Real Property Management Northern Utah, we grasp the importance of resident satisfaction. Consequently, we comply with all the above measures – and much more! Contact us today or call 801-546-1770 if you need expert assistance in strengthening resident retention in Salt Lake City and nearby. Our team is ready to help you double or maximize the success of your rental properties with specifically tailored solutions that conform 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.
