Different Ways to Ensure Better Tenant Retention
It may seem an easy idea to cut down the amount of rent and forget about profitability in order to retain the tenants. Nevertheless, it’s easy only in the starting, and you will only regret this decision in the time to come. So, why not consider sticking to your rules while tending to make your tenant’s life better and easier? It’s not that difficult to accomplish. There are only a few things you will need to take into consideration to make sure that your tenants would think of moving out like a headache.
With that said, below mentioned are something that you need to know if you want to keep retain both the tenants and the better ROI.
Have better market knowhow
If your property is overpriced or outdated as compared to the other properties in the neighborhood, you are going to lose your tenants no matter how good a relationship is there between you and your tenants. Thus, you will need to know about the situation of rental market in your area in a real time manner. The easy way is to think like a tenant. For better elaboration, visit the vacant rental properties in the neighborhood and inspect them thoroughly to distinguish the key differences between you property and their properties.
Try to know about the requirements of your tenants
There are certain things that you tenants may demand to be improved in the house. To know about such requirements, you can conduct semi-annual inspections and ask your tenants to describe what their dream home should be like. While some of the demand might be unrealistic, majority of them would be associated with affordable updates. You can get the lists from all of your tenants and schedule the improvements by marking some dates in the calendar.
Encourage tenants to call friends to neighborhood
A neighborhood with your friends living there should be a dream-come-true community for you. This is what you can ensure if you have a multifamily apartment or several single family homes located in one area. You can encourage your tenants to call their friends in the neighboring vacant properties. This way, you will not only be able to get the new tenants without much of a hustle but the tenants would not want to move out for long time because of ‘friendly’ neighborhood.
Screen your tenants
Tenant screening is one of the most important things that you need to perform before you finally hand over the property. Remember, bad tenants need to be evicted; and, hence, letting the bad tenants live in your property would surely leave you with no option other than getting ready for another expensive turnover.