When you have found great tenants for your rental properties, you want to do all you can to keep them. Try these tenant retention strategies for the new year. Even if leases aren’t up for months, making your tenants feel appreciated year round will encourage them to stay.
Communicate and Respond
Make yourself accessible by several methods of communication, including phone, email, or text. Be proactive in contacting your tenants to inform them of any upcoming policy changes.
When a tenant reports a maintenance issue, ensure a prompt response. Follow up with a survey to offer the tenant the opportunity to tell you if they’re satisfied with the repairs, cleaning, or landscaping they asked about.
Mind the Market
Most tenants expect yearly rent increases, but try to keep them on a par with, or just below, the local market rate. A small annual increase is less jarring than a large increase that comes every three years.
Keep up with other market factors that may affect your tenant’s willingness to stay. Do competitive homes feature newer appliances, hardwood instead of carpet, or more attractive fixtures and finishes? Ask your tenants what upgrades they’d love to see in the property. If you’re hearing many of the same suggestions, it may be time to upgrade your properties.
If you decide to install new appliances, refinish floors, or add smart features, let your tenants know that you’re responding to their suggestions. This shows them you’re listening and taking their opinions seriously.
If expensive upgrades aren’t in the cards for the new year, offer tenants incentives. Incentives like gift cards, free parking, or a visit from a cleaning service have become common tenant retention strategies. Faster internet service might be on your tenant’s wish list as working from home continues well into 2021. Moving is disruptive, stressful, and sometimes expensive. Make it easier for your tenant to renew than move.
Address Safety Concerns
Show your tenants you care by investing in upgraded outdoor lighting and a more advanced security system. Tenants want to be comfortable in their homes, and that includes feeing safe.
COVID-19 has drawn more attention to ventilation, sanitization, and overall cleanliness. Tell your tenants what you’re doing to ensure that anyone who must enter the unit for maintenance or repairs is subject to safety protocols. Provide information or supplies for sanitizing surfaces, and respect tenants’ need for social distancing for the foreseeable future.
Working with a professional property manager can help you retain tenants by screening and selecting reliable ones in the first place. Professionals also know how to monitor the market, manage appropriate incentive programs, and keep properties in top condition.
Excalibur Homes is among the top rental property management companies in Dawsonville. Real estate investors with homes in the Metro Atlanta area benefit from Excalibur’s experience and industry knowledge.