One of the primary concerns of a good property manager is maintaining occupancy in all of the properties they manage. High occupancy is a result of resident retention. Winning the loyalty of current and prospective residents is a key piece in maintaining a high occupancy rate. Location and luxury amenities may seem like home runs for keeping residents, but this isn’t always the case.
Additionally, a picture-perfect neighborhood will certainly attract prospective residents right off the bat. It is what happens behind the scenes that really make the true difference. An attentive, professional property manager and leasing team can set the tone for how the entire tenant-property manager relationship will go. Trust, credibility, reliability, and rapport with new and existing tenants will be what drives success in both new leases and renewals.
In addition, we have compiled a list of our Top 10 tips to attract & retain the best tenants!
1. Be Easy to Reach and Responsive
A good property manager sets the stage with creative options for communication. This does not mean that you are on call 24/7, but that your tenants know you will be responsive if they need to reach out, for instance. If your tenants feel as if you aren’t responsive, they may give up. This can lead to larger issues down the road that you may not be aware of.
2. Build Professional, Flexible Lease Terms
If a tenant feels like they are locked into never-ending rules, regulations, and fees they may start looking to move. Maintaining positive communication and being flexible to reasonable requests can make a world of difference.
3. Create Personal Relationships
No one likes to feel like a number in a database. Starting the interactions off right with a positive impact will create lasting relationships between tenants and their leasing team. Helpful welcome packets, personal notes, or cards at the holidays and birthdays, and planning small events will create a sense of community & makes tenants want to live there.
4. Make Improvements To The Property
Inexpensive upgrades can make a property feel brand new again. This can look like a fresh coat of paint, installing new technology, new landscaping, or upgrading appliances. One of the personal touches that can go a long way is letting a resident choose their preferred color of paint(within reason). This will make their house feel like their own and they will likely take pride in their residence.
5. Observe Fair Housing Practices
Treating all tenants fairly and equally is one of the best things that you can do to retain your best residents. This ensures that you don’t overcharge your tenants in rent and also prevents illegal discrimination.
6. Conduct Routine Inspections
Creating a schedule for routine inspections at move-in will eliminate any confusion when the time comes. Additionally, a tenant may be putting up with a small problem in their home that they haven’t reported to you. Relying on tenant maintenance is ineffective to knowing the true state of your property. Conducting routine inspections will keep your property in tip-top shape and will keep your tenants happy.
7. Keep Up On Maintenance
The number 1 reason tenants choose to move out is a slow response to maintenance requests. From a tenant’s perspective, they are not in control when something goes awry and they rely on responsible property management teams to alleviate the problems quickly.
8. Make Rent Collection Easy
Having a reliable and user-friendly platform to collect rent is one of the most valuable tools a property manager can have. Reminders and receipts can be sent to tenants so that rent payments are received in a timely manner.
9. Conduct Thorough Tenant Screening
A property owner and management team only want to retain tenants who are responsible, maintain their home, and pay their rent on time. One way to get a good idea of if someone will be a good fit is to conduct a thorough screening. This will include a credit check, financial credentials, and a background check.
10. Respect And Prioritize Privacy
Tenants want and deserve to live somewhere peaceful and where they feel respected. This means that if you must enter a property, with the exception of urgent emergencies, you should always give at least 24 hours’ notice. This allows the tenant to prepare and also make arrangements if there is a pet on-premises.
This is only a small list of ways that you can attract and retain the best tenants! It is our mission to provide excellent service to you when it comes to your most valued asset and do it with the highest quality of customer service, tools, technology, and expertise in our industry! Visit us at https://rentwisepm.com/free-rental-estimate-boise/ to receive a free, no-obligation, estimate on what your home may rent for! Our motto here is LESS HASSLE, MORE HAPPY when it comes to owning a rental property!