Tenant Retention Tips
If you are a property manager or landlord, one of the biggest concerns is tenant retention. A high turnover rate of residents can be costly and inefficient. Although some circumstances are out of your control, there are many measures that can be taken to increase retention. Below are a few of the many strategies to keep tenants long-term.
If you have tenants leaving, your biggest concern should be why they left. Asking for feedback can really help you pinpoint retention issues, and better cater to the needs of your tenants. Create a short survey for them to fill out before they leave, evaluate the results and make adjustments so issues you can control don’t happen again. Be mindful that sometimes people leave for reasons out of your control, like space needs or homeownership, but pay attention to signs of problems with your property or other tenants, such as “It’s too noisy,” “I don’t feel safe,” or “my apartment had too many maintenance issues.”
Be Prompt with Maintenance
When issues arise, fix them and fix them quickly. The longer your tenants are waiting to have an issue resolved, the more frustrated they will get. Maintenance problems are stressful for everyone involved, but being on top of these issues will make your tenants happy and more likely to stay because they know they have a responsible landlord.
Upgrade the Space
When tenants are looking for apartments, one of the most important factors is that the apartment looks clean and safe. Don’t wait until something breaks to upgrade it. Residents will be more likely to stay when necessary renovations are done. Upgrading flooring, appliances or faulty windows could be the make or break factor when getting a resident to renew their lease. Make the apartment complex an inviting place by planting flowers in the front of the facility, keeping the grass trimmed and keeping the parking lot clean and well-lit.
Communication is always key. If you feel a resident is violating any regulations, be upfront with them and say something. Avoiding communication until the problem progresses helps no one. You should be regularly checking in to make sure everything is going smoothly, and show your residents that you care about them. In addition, when your residents call about issues or questions, show genuine concern and show efforts to resolve their inquiry. Communicating with your residents and providing exceptional customer service is essential in resident retention.
Establish a relationship with your tenants. Send emails every once in awhile to check in, and make sure everything is going well. You may not always get a response but it’s the thought that counts. Ask your tenants if they have any suggestions and give them a chance to voice their ideas. You never know – the smallest change could make the biggest difference. Ideas from one tenant could go on to benefit everyone living in the apartment complex. Feel free to even send holiday cards or apartment anniversary cards.
Showing your appreciation for residents will go a long way in making them feel at home, and therefore, staying in your properties.
Photo by nenetus.