As a rental property owner, you are already familiar that renter retention is one of the critical elements to long-term success. Not only do high turnover rates increase costs, but they can also obstruct the stability of your investment property in other aspects. Because of this, resident retention should be a key priority for landlords and rental property owners alike. Fortunately, a few basic, effective strategies can significantly keep residents happy and willing to renew their leases year after year. Here are our ideal strategies for boosting resident retention and guaranteeing that your properties stay profitable and thriving.
Build Trust Between Renters and Landlords
In the rental industry, so much of what owners and landlords do is about relationships with people. Long-term retention relies critically on great communication and a sense of trust between a renter and their landlord.
Regular (and positive) communication with your tenants can help you, as a property owner, build a good relationship with your renters, develop open lines of communication, quickly respond to their needs, and periodically follow up with them. Even though you do not want to do too much, staying responsive to your renter can help them feel like you care about their comfort and inspire them to stay in their rental home longer.
Ensure the Property is Properly Maintained
Besides cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is also essential. These two practices work hand-in-hand, specifically when trying to improve retention rates.
Insufficient property upkeep is among the key reasons why renters leave, especially if they have made maintenance requests that have gone overlooked. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and showing your renter that you want them to reside in a well-kept property. This, in turn, may encourage them to take good care of the property, which can also protect the value of your property.
Invest in Thorough Tenant Screening
Of course, finding renters who will take good care of your property is difficult to accomplish. However, you can cautiously screen your applicants before signing a lease. Screening renters is critical since it will help you ascertain whether a possible renter is trustworthy, accountable, and a good fit for your property.
An all-inclusive screening should offer a detailed look at your renter’s finances, credit history, and rental history and inform you of any past problems. Just don’t forget to ask for and check their references, such as previous landlords, any criminal history in your state, and any states where they’ve formerly resided.
Provide Incentives for Lease Renewal
To encourage lease renewals, it is advisable to reward your current resident. Unhappily, numerous rental property owners profit from the lease renewal to raise their rental rate or impose boundaries that make their renters unhappy or unwilling to renew. Even though a rental rate increase may not always be prevented, it should be reasonable and supported by a description of the value the tenant will receive in return.
For example, you might highlight recent property upgrades, such as new fixtures, better-quality services, or enhanced security systems. You may also want to consider giving your resident a small discount for renewing early, a free carpet cleaning, or even a minor unit upgrade, such as new paint or new fixtures. Even a small gift can have positive impact toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
These proven strategies can greatly improve resident retention, reduce turnover costs, upsurge property prices, and create more steady, long-term tenancies. Obviously, managing a rental property and resident relationships can be a major trouble, not to mention the time and effort you might not be able to devote.
At Real Property Management Chicago Group, we see that managing rental property and resident relationships can be a major challenge and demands time and effort you might not be able to give. Due to this, we are here to assist. Our team is eager to assist you in boosting resident retention in Glenview and nearby areas. Contact us online or call 312-265-0660.
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