If you have been a landlord for any significant period of time, you are well aware of the effort and costs involved with tenant turnover. So what makes a tenant more likely to want to stay in your rental? In this post we will discuss 3 ways that will make your tenant more likely to stick around come the next lease renewal.
1. Be Responsive, Address Problems Quickly, and Don't "Cheap Out"
When a tenant calls about a problem do you respond in a timely manner? When something breaks do you fix it right away or let it go for a few weeks without an explanation? When you do fix a problem such as a broken refrigerator, do you put in the cheapest one you can find in a color that doesn't match the deor of the kitchen? Besides buying matching appliances, most people want to be proud of where they live and having a home that looks presentable to friends and family is important. Find and resolve issues before they become actual problems, for example by scheduling time for a yearly maintenance checkup. When a tenant calls or sends a maintenance request through your property management website, acknowledge that you got the message and fix problems quickly. An unhappy tenant is one who has to call several times to get something fixed, and if your tenants are constantly having their lives disrupted by leaking faucets, broken toilet, and other maintenance problems you may find that it costs more in turnover that for the actual repairs.
2. Make Tenants Feel Special
Do you hand your tenant the keys and never follow up with them unless there is some sort of problem? We suggest that you periodically reach out to them once in a while and keep in touch. This can be as simple as saying hello the next time you're out at the unit, by including a short note along with their monthly rental invoice, or even a quick email asking how things are going. Many of these simple gestures can be done quickly and easily if you have a property management website that offers these features. You can be as creative as you like, such as sending a Christmas card or a small gift during the holidays or a gift basket with a new lease or lease renewal. Do all that you can to give them a reason to stay and to tell others about how great of a landlord you are.
3. Have an Easy to Use Online Tools
If you're reading this blog post you most likely either have a property management website or are looking to get one. In today's internet-connected world, having convenient online property management tools are in many ways expected of a property manager, especially with the younger generations of renters. If your renters are inconvenienced by mailing in paper checks and having to call your office when something breaks instead of simply filling a form out online, you may be causing extra headaches that will make them think twice when comparing your rental to that of another company who does offer these services. A great property management website can easily pay for itself through reducing turnover and decreasing the time when you have an empty rental not generating revenue.
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