As a rental property owner, you already assimilate the fact that renter retention is one of the primary keys to long-term success. Not only do high turnover rates increase costs, but more than that, they can equally disrupt the stability of your investment property in other ways. In light of this, resident retention should be a top priority for landlords and rental property owners alike.
All the same, fortunately, a few straightforward, proven strategies can be greatly instrumental in keeping residents delightfully contented and satisfied to renew their leases repeatedly every year. Here are our best recommendations for boosting resident retention and making sure your properties stay profitable and productive.
Establish Trust Between Renter and Landlord
In the rental industry, so much of what owners and landlords do is for relationships with people. It has been found that effective communication and a sense of trust between a renter and their landlord is a pertinent part of long-term retention.
As a property owner, you can immediately foster a strong relationship with your residents by communicating often (and positively) with them, cultivating open lines of communication, handling their requests at once, and checking in with them periodically. Though you don’t want to overdo it, staying responsive to your renter can seriously help them feel like you care totally about their delight and well-being, and energize them to stay in their rental home longer.
Keep the Property Well-Maintained
With cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is as well important. Certainly, these two strategies go hand-in-hand, particularly when looking to improve retention rates.
Unacceptably poor property upkeep is among the top reasons why renters leave, especially if they have disclosed maintenance requests that have been carelessly disregarded. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and clearly demonstrating to your renter that you want them to always live in a well-kept property. This, in turn, may impel them to take good care of the property, which can also protect the value of your property.
Invest in Quality Tenant Screening
Naturally, finding renters who will take good care of your property is easier said than done. Though, you can proactively screen your applicants before signing a lease. Screening renters is crucially important as it can help you properly determine if a possible renter is truly reliable, responsible, and a good fit for your property.
An appropriate, quality screening should grant you a detailed look at your renter’s finances, credit history, and rental history and fill you in regarding any past conflicts. Just always make sure to ask for and check their references, involving previous landlords, as well as any criminal history in your State and any States in which they’ve previously resided.
Offer Renewal Incentives
An excellent means to encourage lease renewals is to incentivize your current resident to do so. Sadly, many rental property owners just take advantage of the lease renewal to raise their rental rate or add restrictions that make their renter unhappy or unwilling to renew. While a rental rate increase may not routinely be avoidable, it should be viably reasonable and supported by a description of the value the tenant will receive in return.
Specifically, you might highlight recent property upgrades, for example, new appliances, optimized amenities, or improved security features. You may equally want to regard 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 make a big difference toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
Operating and applying these proven strategies can suretly improve resident retention, giving rise to reduced turnover costs, rising property values, and more steadfast, long-term tenants. Indeed, managing a rental property and resident relationships can be a real conflicting challenge, and not to forget, also take a lot of time and effort you may not have to give.
At Real Property Management Wake County, we seriously consider the importance of resident satisfaction. Due to this fact, we undertake all the above strategies – and much more – seriously, the best we can! Contact us today or call 919-747-3488 if you need expert assistance in optimizing resident retention in Raleigh and nearby. Our team is ready to help you fully maximze the success of your rental properties with tailor-made services customized to fulfill 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.
