We all know that when you rent a property finding quality tenants is a very important part of the process for property managers. You will need to know what the selling points of the property are and why a tenant would prefer to book with your property or properties instead of somewhere else. If you give your tenants a positive living experience you will see just how fast you will reduce turnover.
When managing properties it is worth to work on retention strategies as a new customer can be five times more expensive than retaining an existing one.
You can read more strategies to EMPOWER YOUR RESIDENTS in our FREE E-BOOK
Here are some strategies that might help you right now to improve retention:
1.-Call 48h before coming over the property
You will not believe how this simple thing makes the difference for the tenant. It is this kind of respect for the person living in your property what will make them stay longer in your property. The reason behind this is that they are more likely to stay in a place where they are treated with respect and where they feel valued as individuals.
2.-Upgrade your communication processes with your tenants
Communication with your tenants can be practical but your should consider offering a few extra things that other properties do not have the time to offer. The point of this is to improve the whole customer experience for the tenant. There are certain gestures that even though very simple, will make your tenant feel more valued than in other properties and will make him more loyal to you. Many of these things do not cost that much but will decrease your turnover. Some of these gestures could be a welcome letter when the tenant first arrives to the property, a birthday gift basket or card, and monetary incentives for tenants who consistently make online rental payments on time or that have been tenants for more than a year.
3.-Be prompt with the maintenance issues.
It is a good idea to do some routine checks to make sure that everything in the property is working properly and it will keep your tenants happy and your property in better shape. Being proactive with maintenance and repairs will help you to create trust with your tenants that will know that you are doing everything you can to keep the property in perfect state. Tenants will like to live there for longer and if they move they will likely recommend the property to others.
You can read more strategies to increase occupancy rates in our FREE E-BOOK
4.-Give helpful information to the tenants
You could create a document where you list of the necessary information the tenant might need like information about recycling, electricity, internet company etc… It would be a good idea to include that in the welcome-pack for example along with your contact information to make yourself available to the tenant and build that trust from the beginning of the tenancy.
5.-Accept online payments and move all processes to the cloud
Most successful property managers organise the payments of their rental properties online. Consumers demand more and more to get access to information online and to make payments online. So if you manage several properties it may be useful to use a Property Management Software to automate all these processes and make it easier for tenants to get information or to report issues about the property and to make payments online.
6.-Allow for reasonable changes to the exterior and interior of the property. When a tenant visits a property some things that he will consider before making up his mind will be:
- The aesthetics of the house and building
- The state of the garden (if any) or the complex.
- The decoration of the house. Most tenants will prefer something modern and appliances in good shape. The prospective tenant will consider if the decor is to his taste, but most times simple good quality in furniture and appliances should be enough. You can find many modern items and furniture in IKEA which is not costly but looks better than old furniture in bad shape.
Ready to improve tenant retention?
TCAS Online provides property managers with a software that will help you to provide excellent customer service to your tenants. We all know that happy tenants rent for longer. Implementing these important elements will improve your retention rates growing your rental property management business.
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