As a rental property owner, you already understand that renter retention is one of the elements of long-term success. Not only do high turnover rates increase costs, but they can also affect the stability of your investment property in other ways. Consequently, resident retention should be a major priority for landlords and rental property owners alike. The good thing is that a few simple, recognized strategies that can help keep residents pleased and willing to renew their leases year after year. Here are our top picks for boosting resident retention and ensuring your properties stay profitable and successful.
Build Trust Between Renters and Landlords
In the rental industry, so much of what owners and landlords do is about relationships with people. Open communication and a sense of trust between a renter and their landlord are a crucial factor of long-term retention.
As a property owner, you can build a good relationship with your renters by speaking with them routinely (and constructively), maintaining open lines of communication, reacting quickly to their demands, and checking in with them frequently. While you don’t want to exaggerate it, staying responsive to your renter can show them that you care about their comfort and urge them to stay in their rental home longer.
Ensure the Property is Properly Maintained
Along with cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is equally essential. These two strategies go hand-in-hand, especially when attempting to improve retention rates.
Poor property upkeep is among the top reasons why renters leave, especially if they have made maintenance requests that have been ignored. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and demonstrating to your renter that you want them to live 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 easier say than do. Nevertheless, you can thoroughly screen your applicants before signing a lease. Screening renters is critical because it can reveal whether a prospective tenant is trustworthy, accountable, and a good fit for your property.
A comprehensive investigation should reveal a detailed look at your renter’s finances, credit history, and rental history and alert you to any past issues. Just be sure to ask for and check their references, which should include former landlords, criminal records in your state, and states in which they have lived.
Provide Incentives for Lease Renewal
You can encourage lease renewals by offering incentives to your present residents. Unfortunately, many rental property owners utilize the lease renewal to raise their rental rate or place constraints that make their renter unhappy or unwilling to renew. A suitable rental rate increase should be accompanied by a statement of the value the tenant will receive in return, even though it may not always be possible to prevent.
For instance, you might highlight recent property upgrades, like new appliances, upgraded services, or enhanced safety features. It is also a good idea to offer 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. Making your residents feel valued and keeping a sense of trust can be accomplished with even a modest gift.
When to Call the Experts
These proven strategies can considerably improve resident retention, decrease turnover costs, increase property values, and provide more stable, long-term tenancies. Managing a rental property and resident relationship may be difficult, and it can also take a lot of time and energy that you might not have available.
At Real Property Management Assurance, we understand how difficult managing rental property and resident relationships can be and how much time and energy they may demand. For that reason, we are available to lend a hand. Our team is ready to assist you in boosting resident retention in Hillsboro and nearby. Contact us online or call 971-270-2600.
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