A profitable rental home’s secret is attracting and retaining high-quality tenants. This signifies finding renters who pay on time, care for the property, and hit it off with the neighbors. But just because you’ve filled the vacancy doesn’t signify your job is over. One of the biggest mistakes a property owner can make is unwittingly driving off those same tenants because of negligence or poor communication.
Building Strong Tenant Relationships Through Proactive Communication and Maintenance
Fortunately, in actual fact, there is a lot that property owners can do to keep a good renter. Possibly the most underrated and crucial action plan is to establish good relations with the tenants by checking in on them at regular times. Good communication can have great significance toward a delighted, satisfied tenant.
This strategy works absolutely well with a second, equally pertinent activity: being proactive about maintenance and repair. Residents want to live in a home that is in good condition and like a landlord who responds promptly to repair requests and performs regular maintenance without being asked for. A property owner who exhibits good property maintenance practices will furthermore better inspire their tenants to do their part.
Boost Tenant Retention with Open Communication and Solutions
Including regularly scheduled maintenance, owners can enhance tenant retention by granting them a more direct involvement in caring for the property. Ask the tenant how they love the rental home and if anything needs maintenance or repair. Various owners hesitate to ask such questions, quite anxious that renters will want expensive or unreasonable repairs or replacement items. But, really, examine the alternative: if they move out, you’ll spend far more replacing them and preparing the property for a new tenant than buying that new dishwasher (or carpet or sprinkler repair) they needed.
If a quality renter is seriously thinking of a move, try to perceive why they are leaving and whether there’s anything you could offer them to stay. Typically, if a tenant is moving to another rental house in the same area, there’s a particular excuse that can be countered or a disturbance that can be resolved. Always don’t forget, that keeping a quality renter is a notably more profitable strategy than, in fact, operating a revolving door rental house.
In the final analysis, tenant retention is an art that can be actually learned and developed over time. The really good news is that the professionals at Real Property Management of the Rockies can certainly help. We know what it takes to notice and retain quality renters in the Fort Collins area and nearby. We make nurturing healthy tenant relationships look straightforward and can take charge of your conventional, daily communication. If you want to find out more contact us or call 970-658-0410.
Originally Published on April 5, 2019
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