One of the main concerns of property managers is the high rate of tenant turnover. Tenant turnover may have a devastating effect on a community, so it’s crucial to keep track of the money lost as a result and look for ways to mitigate the problem. If you invest in making your property more amenable to the demands of your renters, you can keep them and avoid the costs associated with vacancy.
The majority of property owners are aware that renters typically vacate because of a significant personal change, such as relocating for a new job or starting a family. Some tenants move out for reasons that are beyond the control of the property management company, but other reasons are more easily addressed. Modern tenants look for hospitable interactions with their landlords in addition to desirable amenities and reasonable prices.
Property managers can increase their chances of keeping their tenants in the new year by focusing on the following concerns:
1. Improving the Tenant Screening Process
Landlords typically look for tenants with good personalities and a steady income and cross their fingers. To make sure your community is filled with compatible tenants, though, it’s important to create a thorough process for checking their backgrounds. If problems are found and fixed quickly, background checks can help keep jobs from being filled too soon.
2. Do not increase rent
Every landlord eventually has to raise rents to keep up with inflation, but if you do it too often or raise them by too much, you risk seeing a significant portion of your community leave. Tenants may find reasons to leave, such as an unexpected rise in rent, even if they had not been thinking about moving previously. Be prepared to raise rents by having a steady stream of renters who are willing to pay the higher prices.
3. Guarantee quick replies
If landlords don’t address tenants’ issues quickly, they risk losing them as tenants. Not only that, but modern tenants have high expectations when it comes to the ease with which they can get in touch with landlords. Whenever possible, many communication channels, including texting, emailing, and calling should be provided. If a renter has a problem, you should do your best to address it quickly and in a way that is unique to them.
4. Make regular improvements
Your duty as property manager includes making sure that all of the apartments are kept in satisfactory shape. Locate a place for tenants to lock up their bikes and/or store their packages so they won’t leave for a building that has these features, and you won’t lose tenants to competing buildings. Tenants will notice if you don’t take good care of your property and may look elsewhere for a place to live.
5. Invest smartly
Nice areas with expanding job opportunities and reliable public transportation tend to attract a higher quality tenant pool. In order to maximize your return on investment, look for buildings that satisfy these characteristics. This means fewer vacancies and higher ROI because tenants are more likely to stay put for the long haul.
6. Provide tenants with incentives
Tenants who are ready to sign a longer lease term could be incentivized with additional perks. As a tenant retention incentive, you could, for instance, guarantee rent for a period of two years. You might also offer incentives like discounts on local goods and services or little gifts to tenants who renew their leases. There are almost endless possibilities, such as giving a small reward to tenants who pay their rent on time.
7. Improve your property
Select an integrated property management system to simplify responses to tenant issues and other administrative tasks. By updating your property in this way, you can demonstrate to your tenants that you care about their comfort and your relationship with them. Not only will your tenants appreciate the extra work, but you’ll also save time and energy by responding to questions and complaints from tenants in one place.
8. Create better connections
You should think of your tenants more as companions than as cash cows. To build trust and a feeling of community among your renters, it’s important to take the time to get to know each one individually.
9. Ensure open conversation
Tenants with problems in their apartments are already frustrated, but landlords who don’t keep them in the loop about when the problem will be fixed just add insult to injury. Keep an available line of contact with your tenants so that you can comfort them in the event of an emergency. If you really care about making them happy, you’ll be upfront about the problem and eager to provide quick fixes wherever possible.
10. Stay in touch
Relocation is not typically a haphazard decision for a tenant. Most likely, they have let their discontent with the neighbourhood grow until it has finally reached a tipping point, prompting them to leave. Keeping in touch with your residents is the best approach to determining how they feel about their living situation. Pay close attention to their complaints and consider what, if anything, you can do to make them feel more at ease with
As a landlord, you may feel stressed out by the constant need to find new tenants for your rental property. We have been able to help landlords keep their tenants by giving them full management services at House Manage.