Three Tips for Retaining Your Tenants Longer
As a property manager, your main goal is to ensure that the tenants remain happy, pay their rent on time, and do not leave. This can be tough when you are competing against so many other great properties on the market. Unfortunately, one survey found that while 74% of tenants really like their rental, 54% of them are likely to move out next year. With over half saying they plan on moving, this makes the process of retaining tenants even harder. At times, a tenant may wish to move because of things that are out of your control, but other times the issue could be that they have found a better property. To help add to your bottom line and decrease turnover, here are some ways to help retain your tenants.
Show Your Appreciation
When you have a tenant move in, your job is not done yet. In fact, it is just beginning. You want to make sure your tenants remain happy, or else they will end up moving. To do this, you want to make sure your tenants feel appreciated. This does not have to take a lot of effort or money. A small gift or an incentive system can be just what they need to feel appreciated. If you choose to incorporate an incentive system, you could opt for a discount or small gift for paying their rent on time and consistently. After your tenant moves in, you want to be sure to check on them. This is a great time to drop off a plant or other housewarming gift.
Create a Community
Even if the rent is cheaper down the street and the housing you provide is larger, a tenant will struggle a little harder to leave when they are content where they are. In order to keep your tenants loyal, you want to create a community for them. This can be done by hosting socials, events, and more. To keep tenants knowledgeable about all the things they can do on the property, it may be a good idea to have a blog or newsletter.
Make a Counteroffer
One of the best ways to keep your tenants is to find out what their plans are. If you or your residential property manager stay in communication with them, you will have an idea of when they are likely to move. This allows you time to formulate a counteroffer if you want to keep your tenants from leaving. Being proactive could help you reduce turnover and increase your bottom line overall even if this does mean offering a discount on rent.
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