Though time-consuming, finding tenants for your property owners is of paramount importance. You need to prioritize key selling points to garner quality leads and then deliver a positive living experience in order to maintain tenants and reduce turnover.
According to Invesp's Khalid Saleh in an article entitled, “Customer Acquisition Versus Retention Costs,” attracting a new customer is five times more expensive than retaining an existing one. Additionally, the article indicates that 44 percent of companies focus more on customer acquisition versus 18 percent that focus on retention.
The following five tips aim to strengthen renter retention.
1. Create a connected community
There is a reason that social media has grown so rapidly and consistently. People wish to feel connected to their community. The information you share on your website, blog, social media channels and through your online tenant portal creates that sense of connection to the community. In “Creative Ways to Retain Renters,” Property Management Insider discusses the importance of forging connections with local businesses for offers. This push to connect individuals within a community can be valuable for both the tenant, the owner, and the community as a whole.
2. Establish strong communication with tenants
Poor communication leads renters to have a lackluster customer experience. Open communication and a place to voice concerns immediately make you stand out from your competitors, creating stronger renter retention. In an earlier Propertyware blog, “8 Ways to Retain Your Best Tenants,” we suggest simple gestures that include a move-in welcome letter, a birthday gift basket, and even a reward system for tenants who consistently make online rental payments on time.
3. Stay on top of maintenance
Routine maintenance is important both for keeping your tenants happy and for maintaining your property. Monthly check-ins with your tenants allow you to stay on top of essential repairs that improve each tenant’s quality of life and function as preventative measures that ensure the longevity of your properties amenities, which reduces large repair costs in the future. Even simple maintenance such as s changing air filters and light bulbs and cleaning rain gutters can go a long way toward keeping your tenants happy and ensuring you’re doing all you can for your property. Being proactive creates trust between you and your tenants. That trust will translate to higher retention rates and excellent word-of-mouth sponsorship.
4. Cover all of the rules
A list of all of the rules of the rental property can be included in the move-in packet. Reviewing this list with new tenants is a great way to both educate the new tenant and establish an early connection. Besides rules and information about maintenance processes, new tenants need helpful information about local services such as trash, electric and internet providers, depending of course on which services are not provided in the rental agreement. Show you care by giving detailed and thorough information on these subjects. Additionally, give the tenant a reliable way to contact you, which will reassure them that you take their concerns seriously and want them to have an easy transition moving into your property.
5. Provide online access
If you haven't moved your rental property management systems and processes online, you're behind the curve. Consumers demand access to information on their terms. Making it easy for tenants to pay online 24/7, sign lease and renewal agreements and request and use a maintenance app to provide a level of service that is not simply desired but expected.
From accounting to owner and tenant reporting, the Propertyware property management platform makes it easy for your team to stay ahead of rents and renewals.
Ready to improve renter retention?
Renter retention is based on providing excellent customer service to your tenants. Happy tenants rent for the long term. Implementing these key elements will increase your renter retention rates, keep your owners happy and grow your rental property management business.