How to Maximize Tenant Retention

How to Maximize Tenant Retention

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How to Maximize Tenant Retention

Finding quality tenant(s) can be a long, tedious process. Most owners would give anything to be guaranteed that the tenant would pay rent on time and take excellent care of their property.  Once you are able to find a great tenant, what can be done to make sure that this tenant never wants to move out of your home? Below are some to tips to maximize tenant retention:

 

  • Respond to maintenance requests in a timely manner – If the furnace goes out in the property in the middle of winter, it is important that it is communicated to the tenant that this will be resolved as soon as possible. Even if the request seems unreasonable, it is important to contact the tenant back in a timely manner to explain your reasoning for not processing the request. It is always best to do what you say that you’re going to do and following up with your tenants shows that you do value them and want them to continue renting your property.
  • Continue to rent the property below market value – Many owners and property management companies feel that a rent increase should happen every year in order to maximize cash flow. If you are willing to make a small concession to your excellent tenant, it will make them feel valued and will not give them a reason to find a new place to live.
  • Stay in touch with your tenant throughout the year – Many owners will place the tenant in the property and will not talk to them again until it is time to sign a new lease the next year. Contacting the tenant to make sure that they are happy with the property and that everything is working correctly shows the tenant that you truly care about their happiness and that you do not want them to leave. Conducting a semi-annual inspection is a great way to accomplish this.
  • Give your new tenant a welcome packet – It can really go a long way to establishing a good relationship tenant by providing a helpful guide to the property they are renting. This can provide information on how to switch the utilities into their name or how to pay the rent each month.

 

If you would like assistance in keeping the best possible tenant(s) in your property, please consider hiring FRE Property Management. We are the premier property management company in Utah and will provide you with the peace of mind knowing that your investment will be taken care of.