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What if you never had to worry about marketing vacant properties or screening applicants? Instead, you can retain the trustworthy tenants you already have. With a strong leasing management strategy, you can boost tenant retention to cut costs.
Not sure how to improve tenant relations to keep your great tenants? Read on for the tips you need for successful rental management.
Improve Tenant Relations
Renters want landlords who are friendly, cooperative, and helpful. Prioritize tenant relations the moment renters move in. Be professional and respond to their concerns as quickly as possible.
When tenants move in, give them with multiple ways to reach you with their questions. For example, you can use an online tenant portal to reduce misunderstandings.
Remaining available will show tenants that you care about their needs and concerns. If they struggle to reach you, they could grow frustrated.
Instead, help tenants feel at home. The more they feel at home, the longer they'll want to stay.
Before choosing new tenants, develop a tenant screening process. You can find quality, reliable tenants you'll want to keep long-term. You could avoid future landlord stress as a result.
Address Maintenance Quickly
Respond quickly when tenants submit a maintenance request. Complete property inspections to ensure the property is in the best possible shape.
Neglecting to address maintenance quickly could lead tenants to take legal action. They may decide to complete the repairs themselves and deduct the cost from their rent. If tenants become frustrated, they won't want to renew their lease later.
Consider offering incentives to improve the renter's living experience. For example, you can add energy-efficient windows to your investment properties. Choose upgrades that boost the property value.
Your tenants will feel appreciated. The right upgrades could make it easier for you to attract new renters later.
Be Proactive With Tenant Retention
Reach out to tenants 90 days before their lease expires to determine if they want to renew. An early notice will give you more notice if they decide not to stay.
Learn more about your renters and determine what they want from your investment properties. About 44.1 million households rent their homes. Around 65% of these renters are young adults.
For example, perhaps they want outdoor spaces, open floor plans, or smart home technology. Meeting their needs and expectations could encourage renters to stay longer.
Hire a Property Manager
You don't have to develop your tenant retention strategy alone. Instead, consider hiring an experienced property manager. Their services can improve tenant relations, leading to a higher tenant satisfaction rate.
Keeping your tenants happy will encourage them to renew their lease. They'll know they can trust you as a reliable landlord.
Master Leasing Management
A strong leasing management strategy can boost your tenant retention rate. The longer tenants stay, the less stress you'll experience. Use these tips to boost tenant relations and keep your best tenants long-term.
Remember, you don't have to apply these strategies alone. Working with an experienced property manager can save you time and money.
PMI Heartland Realty is a full-service property management company. We have nearly 20 years of industry experience providing award-winning services.
We can help boost your earning potential. Contact us today to request our rental management services.
