How Salt Lake City property management companies attract long-term tenants
Establish long term relationships with your renters to increase the profitability of your Salt Lake City rental property.
Truth be told, long-term tenants are not “attracted” but rather “created”. Tenants who renew their lease year after year do so because their current living situation suits their needs. The moment it stops doing so they will move – guaranteed. So the answer to the question of how to create long-term tenants really becomes how to make sure your property continues to meet the needs of your residents.
So how is a Salt Lake City property manager supposed to know how well a property meets the needs of their tenant? Simple, just listen to them. Every time you communicate with your resident, they are giving you clues about what is important to them. Pay attention, keep good notes and respond in a timely manner to tenant concerns and you will increase your renewal rate. Also, these tips will certainly help.
1) Treat your residents with respect. It’s easy to fall into the bad habit of treating your tenants like an inconvenience. After all, every time they call it’s to fix this or complain about that, right? Wrong. It’s an opportunity to listen to their needs. Professional property management companies in Salt Lake City pay attention to what’s important to their tenants and take steps to address their concerns.
2) Go the extra mile. Going above and beyond for your tenants is about the little things. Build goodwill by giving them a small gift at move in, sending a holiday greeting card, or remembering to wish them a happy birthday. Small gestures like these add a personal touch to an otherwise all-business relationship and can mean the world to some people.
3) Find out what’s important and give it to them. Property management firms in Salt Lake City who put an emphasis on tenant retention usually keep excellent records. Go back through your notes and see what clues they’ve given you about what they value. If you find they’ve had problems with a stubborn appliance, offer to replace it when you reach out to discuss a lease renewal. They will certainly appreciate the gesture, and you’ll find that spending a few hundred dollars replacing an old dishwasher is far cheaper than finding new tenants.
By taking simple steps like these, many Salt Lake City property management companies are able to drastically increase their resident retention. Ask anyone who manages rentals for a living and they’ll tell you that an increase in resident retention equals an increase in your profitability.
If you’d like to learn more about how to create long term tenants, then contact us today.