Tenant retention is a necessary goal for any residential real estate investor who wants to be successful, but achieving the best rates takes more than luck. While some vacancies are inevitable, investors who see a trend of tenants who leave instead of extending their lease may need to make some changes in their management practices to help increase the likelihood of retaining good tenants. If you are a residential real estate investor who is having this type of problem with your rental housing units, the following tips can help you make proactive changes that your tenants will notice and appreciate.
Appreciate your tenant's time by offering them convenience
Tenants are often single or two-parent households with busy careers to pursue while also navigating countless hours related to caring for their children's needs. When they have a moment to spare, the last thing they want to do is hunt down the apartment manager or stand in line to pay their rent or report a problem with their unit.
Some good ways to add more convenience to your tenant's housing experience is to automate the basic tasks of renting their home, including:
- creating a web portal where they can pay their rent online 24/7
- making sure that they can always reach a live person to report a housing emergency, such as a leaking pipe or a non-working HVAC system
- providing a message board where they can view information about their rental home or leave non-emergency messages for the staff
Residential real estate owners who can offer tenants more convenience in their daily lives are helping their tenants feel more satisfied and appreciated with their home and increasing the odds that they will renew their lease.
Appeal to your tenant's sense of pride by improving your units
In addition to a convenient living experience, tenants also want to enjoy their homes and feel good about inviting their friends or family members to visit them. If they are embarrassed by the condition or lack of general maintenance of their unit's exterior, common areas, or surrounding grounds, they will not be able to enjoy their home and will be more likely to leave for a better rental when their lease is up.
Appear more professional through skilled property management services
A common problem that many residential real estate investors share, especially when their business is just getting off the ground, is the tendency to try and take on too much responsibility. Sometimes this is done in an attempt to save money or retain control, but it rarely ends well. Instead, the tenants get the impression of haphazard management that can make them unwilling to stay.
To present a more professional appearance to every tenant, residential real estate investors will want to partner with a skilled property management service that they can trust to handle their tenants with care and dedication. This type of improvement will help with tenant retention as well as offering investors more freedom to search for more properties to purchase.