The incentive for retaining renters in your investment property is clear and easy: it’s less expensive to keep current renters instead of finding new ones. Reducing turnover goes hand in hand with less loss of revenue, and that goal is achieved by the work of many within a property management company. But so much more ties into creating a home that your renters are reluctant to leave, that a good property management team can stay on top of, and deliver.
The most important of these is communication. Having a maintenance team that is on top of any situation that arises is vital, but it’s creating a connection between yourself, as a property management company, and the tenant that in turn feeds many aspects of the business relationship.
The daily flow of a property management company can run very fast and full, and sometimes a question or a call can’t be taken in person. However, the best service that can be offered to a tenant is availability. Even if you can’t take that call this second, be judicious about replying by email or a return phone call as soon as possible.
Listen to the good and the bad, and make sure your tenants feel they have been heard. Sometimes, that’s all it takes to diffuse a potentially heated situation. If there’s a problem you personally don’t have the information or power to handle, make sure the individual gets handed off to someone who can. if it is something within your realm of responsibility, check in with the tenant along the way. Being there from beginning to end creates a great feeling of accountability and trust, and a tenant will truly appreciate and value that in their rental experience. This also creates a stronger feeling of integrity surrounding your property management company, leading hopefully to new leads and opportunities.
On the more hands-on, nuts and bolts side of things, there are many ways to increase tenant loyalty as well. Something simple, like catering to pet owners as much as possible, really helps. Tenants know not all properties allow pets, and such an amenity is valued for furry family members. Not only is it an added value bonus, but tenants are less likely to move again when their pets have settled in, to spare them anxiety.
Simple contact at the holidays, thanking your tenants for being your tenants, goes a long way in making them feel appreciated and at home where they are. At the same time, giving them their privacy also shows you value them. Following property protocols for notifying tenants of your desire to visit their home is a necessity. Always call or email in advance of going to the property, unless it is an emergency.
All of these things help keep a great tenant in place, which, for a property owner, makes for a much easier experience as a landlord, especially with a management team to cover all the angles!