As a landlord, you know that vacancies are expensive. If you have good tenants, it should be one of your goals to keep them for as long as possible.
Ideally, all of your tenants would be on their best behavior, pay their rent on time, and stay forever, but this isn't a likely scenario. They will, however, renew their leases if you give them a good reason to stay.
But how can you make this happen?
We're here to help. Keep reading to learn all about things that you should do for your resident retention strategy.
1. Be Quick with Maintenance
One of the best things that you can do when it comes to retaining great tenants is to make sure you're on top of your maintenance.
There are several types of maintenance that you need to keep track of. The first is routine maintenance. This is where you make sure that all appliances, HVAC systems, plumbing, and any common spaces are taken care of every year.
If a tenant submits an emergency maintenance request, make sure that you get to it as soon as possible. This will show your tenants that you're an attentive landlord.
2. Survey Your Tenants
It's hard to gauge whether or not your tenants are happy, especially if you have a lot of them. Why not send out an anonymous survey so you can hear what they have to say?
If you don't live in the building, it's hard to know what's working and what isn't. Your tenants might have great ideas for things that need to change (or compliments about things that are working well).
3. Be Polite
You need to remember that your tenants aren't just numbers; they're people. Speak to them like you would like to be spoken to.
There will be times where your tenants are doing things that you don't like. You may get noise complaints from other tenants or you may discover that you haven't received rent on time.
Always assume the best before jumping to conclusions. Talk to your tenants without scolding them and you may discover that the problem was a misunderstanding or accident. When you're polite, you build goodwill.
This also means that you should be polite if you choose to visit the property. If the tenants can put a face to a name, and associate that face with kindness, they'll feel more inclined to stay.
4. Make Improvements
If you want to retain good tenants, you want to incentivize them to stay. Why would they stay with you if your property hasn't improved and other properties have more to offer?
Not every landlord can make grand changes to their property. You may not be able to add luxury amenities like pools or fitness centers (though it's helpful if you can), but you may be able to improve your laundry area, make improvements to the outdoors, or remodel common areas.
You want your tenants to think that your property is worth paying for.
Resident Retention Is Crucial
You know how important resident retention is, so it's your responsibility to do everything that you can to retain your best tenants. If you use these resident retention tips, you'll have tenants who will be excited to stay with you for years to come!
Are you looking for help with your rental property in Harrisburg, PA? At HomeRiver Group, we want to help you out. Contact us to get in touch with our property management experts today!