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December 19, 2018
Tagged in: Resident Retention

By: Robert Dornan

Reliable tenants make life a lot easier for a landlord. Taking steps to keep yours will save you a lot of money and headaches in the long run.

For example, you could get stuck renting to someone who asks you, “Is renters insurance worth it?” Holding on to tenants you can trust will ensure you save money and don’t run into problems in the future. Not to mention the fact the average cost of turning over a unit after a tenant leaves is $2,500.Reliable tenants make life a lot easier for a landlord. Taking steps to keep yours will save you a lot of money and headaches in the long run.

The following tips will help you hold on to your best tenants. Keep them in mind to make your job significantly less difficult.

Respond Promptly

There will be occasions when your tenants have questions, need repairs scheduled, and more. Being as responsive as possible helps you make the right impression.

That doesn’t just mean replying quickly. Go the extra mile by providing tenants with numerous ways of reaching out to you, and they’ll be more likely to renew their lease.

Make Upgrades

Tenants want comfortable homes. Of course, not all units currently offer the degree of comfort they may seek.

Making strategic upgrades is a smart investment. Offering features such as new appliances, air conditioning, and modern fixtures will make a unit more attractive to reliable tenants.

Certain additional amenities, such as parking spots, pools, and fitness centers have also been shown to dramatically boost tenant retention rates.

Consider Rewards

Management companies that implement rewards programs don’t merely keep their best tenants: they also attract more quality tenants when filling vacant units.

Rewarding good behavior shows you value your relationship with the building’s occupants. They’ll appreciate the gesture and be much less likely to move out as a result.

Reach Out Early

Don’t wait until the last minute to contact tenants about renewing a lease. Contacting them 90 days ahead of time is smart for several reasons.

First, it gives you more opportunities to learn if certain factors are making them consider moving out. That means you can address those factors beforehand.

If there’s nothing you can do to convince a reliable tenant to stay, reaching out early at least gives you more time to find an equally good replacement tenant quickly.

Train Everyone Accordingly

Do you have several staff members? Making sure they treat tenants with the respect they deserve is just as important as making sure your own behavior is respectful.

Train all staff members accordingly. When someone besides you interacts with your tenants, you want to know they aren’t making the wrong impression.

Charge Fair Rent

Tenants don’t want to spend more money than they have to on rent. As a landlord, make sure you’re constantly researching average rent costs in your area. Charging a fair market price is key to avoiding turnover.

All landlords know reliable tenants aren’t always easy to find. If you already have them, you want to do everything you can to keep them. These tips will help.

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