Far too often, property managers and landlords will spend too much time trying to gather new tenants to stay in their rentals rather than trying to retain the ones they already have. This can end up being extremely costly, time-consuming and not actually work out in their favour.
Maintaining your current tenants and ensuring they stay with you longer is one of the best methods of increasing your annual revenue. You aren’t spending so as much, and you end up ensuring you have a steady flow of income.
Want to boost your own tenant retention? Try one of the following strategies.
Maintain good communication
Have you ever rented a property, short or long-term, and struggled to get in touch with your landlord? Or maybe you have gotten in touch, but they never do what they say they’re going to do? This undoubtedly didn’t make you happy or give you any reason for wanting to renew your lease. Therefore, you need to ensure you have good communication with your own tenants to keep them with you.
Set up an effective communication channel where you can respond to your tenants as quickly as possible if they ever have a query or a problem. When they message you, ensure you let them know when you’ll be able to respond or help as well. By always being there, they will feel looked after and stay with you longer.
Offer lease renewal incentives
Who doesn’t love an incentive? They are a great way to encourage someone to take action, and they don’t necessarily always have to cost you too much. If you have a tenant that you want to keep staying in your property, you can offer them an incentive if they renew the lease. You may want to reduce their rent by 10% for the first three months or offer a free cleaning service.
Ensure your tenant knows you appreciate them and by offering the incentive, it helps them know you want them to stay. No one can say no to some money off, and although you may be out of pocket for a little bit, it will even out in the long run.
Keep rental rates reasonable
When someone first books to stay in your property, it is most likely because you have all the amenities they want, and you aren’t charging too much rent. Therefore, if you want them to continue their contract, you shouldn’t raise the rental rates too high after they have stayed with you for a while.
Of course, if you are adding an extra service as a property manager or landlord, such as cleaning or an extension on the house, then you have a reasonable reason to raise the rent. But if you want them to stay with you, you shouldn’t do it without a valid excuse.
Keep the property in great condition
No one wants to stay in a property that continues to fall apart. As a property manager or landlord, you need to be attentive to not only the tenant but the house as well. Keeping up with regular hazard checks and maintenance will make the property a great place for the tenant to live in, and they won’t want to leave.
Whether it is coming around to look after the garden and mow the lawn or changing all the lightbulbs in the property, any little bit of effort matters. A tenant will feel more inclined to stay in a house that is in great condition, and you can keep a stable stream of revenue.
Maintain flexibility with good tenants
A good tenant is someone who always pays their rent on time and keeps your property in good condition, so they are definitely someone you want to keep staying with you. Therefore, there may be times when you need to be flexible with their requests, and this will keep you in their good books.
For example, if you are renting out a long-term property and they want to paint the walls of one of the bedrooms to fit their needs, you may say yes if they meet certain conditions. Similarly, if they happen to pay the rent a little late one month due to personal circumstances, you can let it slide without charging any late fees.
Take tenant feedback seriously
If you have had previous tenants who never seem to stay, then you may want to find out what the reason for this is. Each time a tenant stays in your property, receive feedback from them and find out what they like about staying there and what they don’t. It will give you great insights into what you can do to improve and keep future tenants staying longer.
Similarly, you don’t have to wait until the tenant leaves to receive feedback from them. Regularly ask your tenant if they are happy with their stay in their property, and if there are any problems, you can act on them quickly to keep them with you.
Provide top-quality customer service
This one may seem obvious, but some landlords and property managers don’t always prioritise customer service. We have mentioned that you should maintain good communication, but you should also always act on your promises. For example, if there is an issue in the property, you should be prompt and sort it out as quickly as possible.
While you should be attentive, you should never turn up to the property unannounced and respect your tenant's privacy as well. If you do need to visit the premises, give them suitable notice and let them know why you will be coming around. They will certainly appreciate this and want to continue living in a property with a quality landlord.
Of course, there is nothing wrong with looking for new tenants, especially when you have first set up a property. However, business-wise, the best option is to retain the tenants you already have. You know that they are reliable, and you won’t have to spend as much money marketing your property and trying to find someone new.
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