How Property Owners Can Improve Tenant Retention

Two-story suburban house with beige siding, brown shutters, attached garage, and 'For Sale' sign on manicured lawn against blue sky

As a property owner, you have multiple options for boosting tenant retention. Staying on top of maintenance issues is impactful in keeping your tenants. People living in rental properties feel taken care of whenever maintenance issues are attended to in a timely manner. This post details strategies you can use to provide better maintenance services to tenants.

Being Proactive

This means that as a landlord, you should not wait until your tenants remind you that it's time for maintenance. For instance, If your lease specifies certain maintenance tasks after a given period, ensure you take care of them on schedule. There are common maintenance tasks that need to be worked on regularly. They include:

  • Landscaping
  • Testing alarms
  • Charging batteries
  • Installing new devices when necessary
  • Air filter replacement
  • Landscaping
  • Testing appliances to ensure they are in good working condition

When your tenants know you deal with their issues immediately, you earn their trust, which is the way to get lease renewals for long periods. Being proactive helps you increase your tenant's satisfaction and retention rate.

Make it Easy for Tenants to Request for Repair and Maintenance

Your tenants are busy and don't have the time to go through complicated maintenance processes. They should not struggle to figure out how to request or go through hoops to get things done.

Try not to frustrate your tenants by coming up with a user-friendly request process for maintenance. You can create an online form that tenants fill out, and it will go to your email to inform you of their requests.

Be Flexible

As a property owner, you may encounter a tenant who needs a notice sent to them before repairs can be done. For instance, tenants might need to be notified if their personal belongings block access to an area that needs fixing. Ensuring you're flexible with tenants while maintaining authority as a property owner is crucial.

Conduct Inspections Regularly

If your tenants have fewer issues with repairs on your property, they will be happier with you as a property owner. By conducting routine inspections regularly, you will prevent major issues from coming up in the future. Inspections uncover unnoticed/unreported damage before it worsens. For instance, if you notice signs of water damage on the ceiling, you can fix the leakage before it worsens.

Hire a Company to Manage your Property

If you find out that managing repairs and maintenance is taking a big chunk of your time, you can hire a property management company. The success of your rental property business largely depends on your tenant's satisfaction. Here are a few ways a property management company can improve tenant retention and satisfaction:

  • Availability 24/7: Your tenants should be able to make tenant maintenance calls to the property manager anytime. When tenants contact the company, their issues must be addressed promptly otherwise, they will be frustrated and sad. A property management company ensures 24/7 customer support any day.
  • Improved efficiency: Budgetary concerns may always hang over your head, forcing you to do more with less. A management company can assist you in increasing tenant retention efficiently and cost-effectively. The company frees up your time so that you can attend to other duties.
  • Better communication: Emergencies such as maintenance disasters and crimes within the property need attention immediately. A company ensures better communication through text, phone calls, emails, or online portals. Tenants will receive quick responses to their concerns through improved communication.

Incorporate Renter's Insurance in the Lease

Offering a renter's insurance in the property lease is a proactive measure that benefits the tenant and property manager. Renter's insurance provides coverage for tenants' belongings in case of fire, theft, and unexpected events, giving them peace of mind.

This insurance policy offers protection for property owners and managers, as tenants are not likely to file a claim against the property for personal loss. Additionally, when accidents or damages happen that are not the property owner's fault, the policy ensures the costs are paid without disputes.

Endnote

For property owners, retaining tenants in your rental property does not just happen. You need to put some work into it so that tenants can trust you and keep renewing their lease. By being proactive, flexible, incorporating renter's insurance in the lease, and even hiring a property management company, you'll gain the trust of your tenants and ensure they occupy your property for the long-term.