When renting out your properties, it’s usually unavoidable that tenants will come and go. However, some properties experience a lower turnover rate than others. While having a knowledgeable property management professional looking after your properties is the best way to ensure tenant retention, it certainly isn’t the only way. Some of the factors that go into tenant turnover are outside a landlord’s control, but there are many things landlords can do to effectively reduce property vacancies, produce lower turnover rates, and generally avoid common landlord mistakes that can often occur. Managing the property the right way and building strong tenant relationships are the most important factors that go into improving tenant turnover.
Communication is Crucial
Providing your current tenants with quick and thorough responses to their questions or complaints will go a long way in retaining them. Knowing the landlord cares and is on top of everything gives occupants a sense of security and satisfaction. Tenants that feel their concerns are being adequately addressed are much more likely to stay rather than dealing with the alternative of having to move. If a tenant makes an effort to connect with you regarding the property, even if it’s concerning something simple, it’s important to always let them know you received their message and that you will take swift action to address their concern.
Another important piece of this puzzle is taking the initiative to reach out to your tenants to get their feedback. Even if they haven’t voiced any concerns or relayed any issues to you, it doesn’t necessarily mean they don’t have any feedback to share. Landlords who do not connect with their tenants are neglecting a very basic level of service that could lead to those tenants moving out once their lease is up. Something as simple as checking in every few months to make sure your occupants are content and have everything they need will go a long way in terms of tenant retention and satisfaction.
Keep Curb Appeal High
It’s no secret that tenants are often willing to pay more to rent a quality property that is in tip-top shape. How others perceive the property is a significant detail that many tenants sincerely value. Using resources wisely to invest in your property’s appearance so it appeals to a wide range of people is a great way to retain the quality tenants you already have. This way, you won’t have to spend time and money to advertise your vacancy, screen applicants, or get the property ready for the next tenant. You’ll maintain the steady and consistent cash flow from your existing occupants who opt to renew their leases.
The easiest improvements you can make to enhance the appearance of your property may include things like applying strategic lighting, beautiful landscaping, polished fixtures or design, and a well-maintained building with minimal clutter. These are ways landlords can stay one step ahead of the competition, which will increase the value tenants feel for the property. Putting more of an emphasis on the way your property looks can translate to lower tenant turnover rates, and higher rent returns in some cases, in the long run.
Finding the Right Tenants
Screening applicants for your vacancies is always a time-consuming task. Depending on how many people are interested in your property, you may spend days, or even weeks, reviewing all the candidates. Fortunately, if you have enlisted the services of a reputable property management company, this process is generally a lot smoother as the property management professionals will deal with this process from start to finish based off of the tenant requirements you set with them. To avoid having to go through this process over and over, it’s always easier to retain the occupants you already have. A big part of this is making sure you get the right tenants in the first place. A quality tenant is going to have a strong rent history, meaning that person consistently paid rent on time, did not break lease agreements by leaving before the contract was up, and has solid references.
You can also ask your current tenants to recommend their family or friends when a vacancy opens up. If you have a good relationship with your tenants, chances are they won’t recommend anybody they don’t think is responsible or would be a good fit. This will also strengthen your connection with your current tenants by renting to the person they referred, in addition to filling the vacancy quickly and more efficiently. However, it’s important to note that a thorough applicant background check should always be conducted regardless of who the applicant was referred by.
Going Above and Beyond
As a landlord, if you’ve reached a point where all your vacancies are filled with reliable tenants, you’ll want to maintain that status as long as you can. Keeping your tenants happy and satisfied is always an ongoing process. Apart from the typical routine maintenance and services that arise, you may want to think about offering property-specific perks and advantages. Do you allow pets on your property? If so, perhaps think about building a pet relief area to make it convenient for your tenants to walk their pets. Do you rent to families? You can organize a community event for the Fourth of July or other communitive holidays. Thinking outside the box and offering lifestyle perks can really boost your tenants’ loyalty and desire to want to stay.
As we previously mentioned above, the absolute best and most effective way to increase your level of service as a landlord is to invest in hiring a professional property management company. Property managers are experts when it comes to tenant relationships and retention by responding to questions or concerns, handling repairs, maintaining the property, and working with you to offer excellent service. The Black & Cherry Property Management team has the proven track record and expertise to help property owners increase tenant satisfaction and lower turnover rates with their experienced team, advanced online tools, and knowledge of property management best practices. If you’re looking to work with the best Las Vegas property management company in the industry, Black & Cherry Real Estate is the ideal property management partner to take your tenant satisfaction to the next level!
