Any landlord knows that poor tenant retention leads to increased expenses. Not only can it be time-consuming and costly to find new tenants for your property, but you aren’t making income during the search and there is the possibility that you will obtain a problem tenant that will only cause further issues down the line. So when you come across a good, high-quality tenant, how do you retain them while still making a profit? Luckily, there are many ways to improve the satisfaction of your tenants (and improve the likelihood of lease renewal) without making significant financial sacrifices.
Start from the Beginning
Studies have shown that superior tenant retention begins with the move-in process. Tenants that were dissatisfied at move-in tend to remain dissatisfied by the time of lease renewal. It is important to ensure that your tenants are satisfied throughout their entire tenancy, including the very beginning. There are many ways to do this. One of the easiest ways is to provide a welcome gift on move-in day, which can be as simple as a fruit basket or a gift card to a local restaurant.
Effective communication is vital to ensure that any potential tenant complaints are both heard and resolved to the satisfaction of your tenants. Make sure that you always greet your tenants. You will also want to invest in your website to ensure that it is easy to navigate. You may also want to consider implementing a property app to streamline your operations and make it much easier for tenants to communicate with you. Though technology is extremely convenient, you should also make sure to hold office hours to provide a more personal way for tenants to interact with you.
Show your Appreciation
Tenants that feel appreciated are far more likely to be satisfied with their time living on your rental property, which will make them more likely to stay with you when it becomes time for the lease renewal. Make an effort to celebrate their birthdays or residency anniversaries. Hosting community events is another way to express your gratitude for your tenants.
It is important to make the lease renewal process as easy as possible to ensure that you can optimize the tenant retention of your properties. To learn more about the best ways to increase your tenant retention, contact our experts at the Keyrenter in Denver today!