Are you searching for ways to improve tenant retention at your rental properties? If so, you’ve come to the right place! At GoldenWest Management (GWM) we specialize in property management and can help you keep more tenants, and more money, with these simple but effective property management tips.
Tenant Retention Tip #1 – Offer Your Tenants Competitive Amenities
In today’s rental market most tenants are searching for competitive amenities including free Wi-Fi, an onsite gym, dog run, grocery delivery or other perks that might enhance or increase the desirability of your rental property or community.
If you don’t own a multifamily building, or a unit with onsite amenities, you can make your rental property more desirable when marketing your rental property by marketing amenities that are nearby like parks, restaurants, and entertainment or creation options just so your future tenants will know what living in your rental can really offer them.
Tenant Retention Tip #2 – Start Making Upgrades to Your Rental Properties
One of the biggest problems in the rental market today that does affect tenant retention is owners who don’t want to make upgrades to their rental properties.
Tenants feel appreciated when owners take the time to make upgrades to their rental properties like new flooring, lighting, fixtures and paint, rather than continue to leave the rental property in the same condition that it’s always been in until things break down.
A recent Zillow study suggests that 33% of renters state they want to avoid the stress of moving again at all costs. In addition almost 50% of the same renters who want to avoid moving will stay more than 4 years on average. This means that there are many tenants out there that when treated fairly can and will stay for a long time while paying a regular yearly increase.
The good news about making upgrades or improvements to your rental property is that you can do this even while on a budget and see the small repairs that you make keep your tenants happy and renewing their leases each year.
Tenant Retention Tip #3 – Take Care of Tenant Problems Immediately
Last of all, but most important, another important way to limit tenant retention and keep your tenants renewing their leases is for you to handle your tenant's problems or issues immediately rather than making promises to them that you can’t keep.
Sadly, not every owner can do this because it’s easy to get busy with other rental properties or sidetracked and forget about a promise that you may have made to one of your tenants. When this happens many renters lose faith in their landlords and look for new places to live once their leases renew because they feel that their landlords don’t care about their needs.
If you have a busy schedule and are not always able to offer your tenants the very best customer service, it’s definitely time for you to outsource management of your rental properties and hire a property manager.
To get started with hiring a property manager, contact GoldenWest Management today by calling us at (866) 545-5303 or CLICK HERE to connect with us online.