How to Effectively Increase Your Property’s Tenant Retention Rate

Owners of rental properties must know how to identify good tenants to increase their cash flow. But, keeping good tenants is also as important. If you are a landlord, you must invest time and resources towards healthy tenant relations. Keep in mind that attaining a high tenant retention rate depends on how you establish a good relationship with your renters.

If you want to foster and maintain a positive relationship with your renters, you must communicate with them effectively. This means responding quickly to tenant requests. Thousand Oaks property management should be focused not only on finding quality tenants but also on keeping these tenants. Here’s what you can do to make this happen:

Make Property Maintenance a Priority

Moving into a new property is exciting for tenants. However, this excitement will diminish with time when they get used to living there. Your property may stop feeling like a home or business premise. To counter this effect, you must prioritize property maintenance. This improves the durability of materials and consistently impresses your tenants and reignites their excitement. Coordinate all the maintenance activities through your property management partner. The more consistent you are when addressing maintenance issues the more your tenants will see you as dependable and responsible. 

Improve Tenant Relations

As a rental business owner, you must learn how to handle your tenant or customers. Never handle a hostile tenant with contempt; instead, counter them with an approachable tone and encourage them to negotiate. Try to be a bit forgiving to tenants who are late on rent payments, without allowing them to abuse your kindness. You want to make your tenants feel that you are their ally.

If your tenants have questions or complaints, make them feel heard and cared for. You want to show them that their opinions matter and make them appreciate more the service and treatment they get on your property. Tenants will stay a lot longer if you don’t violate their privacy and ignore their voices. 

It takes a lot of work to put a tenant retention plan into action. If you think you don’t have the time or resources to tackle this on your own, hire a property management company to do it for you. 

 

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