Tenant Retention

Tenant Retention

Keeping occupancy rates consistent is one of the key challenges that many property managers face. Tenants can be unreliable as they disregard the value of the property, pay rent late, and create problems for neighbors. Yet there are still good tenants in the world, and it’s those tenants that property managers need to appreciate. These are the tenants that take care of the property, pay their rent on time, and are considerate of the neighbors and community. If another property opens up and a good tenant doesn’t realize that they are appreciated, then they may move and leave you with a vacant space to fill. All too often property managers ignore the needs of their tenants. What may seem like a simple phone call to fill you in and possible complaint may be a simple cry for you to pay attention to their needs and further develop a rapport.

One of the key elements of happy tenants is to treat them how you would want to be treated if you were the tenant. When maintenance requests come in fill them in an efficient manner, if you had a problem at your own place of residence you would want immediate attention to fix the problem. Routine maintenance is an easy and preventative measure you can take to ensure that the property is taken care of. Asking the tenant if anything is wrong with the property is another good way to be proactive in the management of the property. If a property manager shows a lack of concern for a serious tenant problem, then they may not feel the need to renew the lease or, worse yet, break the lease early. While it doesn’t necessarily mean that a property manager has to be available 24/7 it does mean that a timely and prompt response is expected. Tenants anticipate that a property manager is just a phone call away.  When the heat goes out in the middle of a cold snap, the tenant doesn’t have many choices aside from relying on the property manager to arrange for the problem to get fixed. The delayed response time on the behalf of a property manager can mean the difference between a happy or unhappy tenant. Also, it will mean a satisfied property owner that no further damage was done to the property if a pipe were to burst or another major problem occurred.

With a little bit of effort, it can ensure the happiness of your tenants. Many successful property managers go by the philosophy of treating an existing tenant just the same as you would a new tenant. Keeping in touch with tenants allows for constant monitoring of the property and an easy way to catch problems and fix them before they become major. Some landlords put into place a tenant retention strategy complete with benefits and services that they provide to their tenants. In most cases, a tenant retention program can be less costly than a search for a new tenant and missed revenue with no tenant occupying the property.

Fewer turnovers of renters can be a big deal, as getting owners of properties reliable and steady income is a key component of being successful. Building a relationship with a tenant is the best way to retain them. Treat the tenants more than just being an address and name on a report generated every month. Holidays, birthdays and lease renewals can all be great ways to stay top of mind. With little time (and money) invested tenant retention can be realized.