Quick talking points on ways for Landlords to retain tenants.
5 Ways to Retain Residents:
1. Thorough application process- This is usually the first step in tenancy, also the most important. Know who you're renting to. Choosing the most qualified candidates can increase retention rates greatly.
2. Take care of Resident Issues as soon as possible- Maintenance issues can be dreaded. Especially the late night "water is spraying everywhere" calls. A simple way to keep residents happy is to always send the maintenance crew out as soon as possible. This will prevent further damage as well as let your resident know you are committed to keeping them happy.
3. Offer renewal incentives- When it comes time to renew a lease, offer promotions, discounts, or incentives for residents to renew their lease. Some types of incentives may be $25 off the rent amount or a gift card to stores such as Walmart.
4. Make sure all rules and regulations are understood- There can be confusion when a resident thinks the lease is ending but company policy requires a 30-day written notice prior to vacating or it will cause forfeiture of the rental deposit. Problems like this can be avoided by going over the Lease fully with the resident and requiring a signature next to each paragraph or module of the lease agreement.
5. Build professional relationship with Residents- In the rental industry relationships are key. In order to maintain a happy property you have to have happy residents. Send your resident's "thanks for being our resident" cards after a renewal or new lease. At Christmas time offer cookies or hot chocolate when they come in to the office to make payments. Perception is key. Residents are more likely to maintain and enjoy residency if they get along with their property manager.
Authored by: Teighlor Anderson for Thomas Management Group