Are your rental strategies attracting and retaining tenants, or driving them away? Learn how to attract new tenants and improve tenant retention by implementing these three savvy rental property management strategies:
1. Monetary Incentives
According to Software Advice, "a discount on rent is the most preferred monetary incentive" for tenants.
By rewarding tenants with a discount, you can help ensure their loyalty. Tenants who pay their rent on time and who pass their home inspections with flying colors are tenants that you want to keep. Offer them discounts on their rent during the initial lease or during the renewal process with the condition of these good behaviors.
Additional outstanding tenant behavior that may warrant a discount includes tenants who consistently pay the rent early or tenants who are celebrating a rental anniversary. You can show your appreciation through a rent reduction. This is an advantage for your tenants and also has long-term benefits for your company financially. Satisfied tenants move less frequently, obviating the need for move-out work and a time-consuming rental screening process.
Use property management software to track your tenants' payment histories, their care records, and their anniversaries so you know the premier time to offer incentives.
2. Competitive Amenities
A thank you gift for your tenants does not have to be in the form of money. An amenity, such as a new appliance or new flooring, can go just as far to win tenant loyalty. Consider offering perks that enhance their experience with community amenities, such as a gym membership or grocery delivery. These quality of life bonuses make your tenants feel valued and more likely to stay with your company. Track your partnerships and bonuses in a property management system to ensure that you reward your best tenants.
3. Outstanding Maintenance
To ensure that your tenants are satisfied, you need to stay on top of property maintenance; however, you can use additional repairs, maintenance, and home projects as incentives. Give tenants unique permissions to make desired changes, such as painting walls and other personal touches to the home. Offer extra landscaping services and garden furniture, or enhance their patio with a barbecue grill or fire pit. If one of your loyal tenants lives in a unit due for upgraded carpets or drapes, update those properties earlier to increase the incentive to stay. Keep track of your property maintenance and repair schedule with property management software so that you know what's been completed and when that unit is due for improvements. Your tenants will thank you with loyalty.
Ready to Improve Your Tenant Retention with Propertyware?
Managing tenant relationships can be complicated. When you add reward programs into the mix, your tenant retention plan gets even more complex. Luckily, property management software facilitates integrated tenant management.
- Track all of the data about each of your properties and tenants
- Manage documents
- Create custom reports