168 - Tenant Retention - How To Keep Tenants Longer

Today's episode is supported by our friends at Rentometer. Rentometer is your source for up-to-date rent information anywhere in the U.S.; double-check current rents or research property investment opportunities. Rentometer has a Free Trial that gets you immediate access to all their PRO features like zip code and Neighborhood searches, and their Google Street View integration. Check out rentometer.com/pro. Now...let’s get to it shall we? Reliable tenants make life a lot easier for a landlord. Taking steps to keep yours will save you a lot of money and headaches in the long run. The national average cost of turning over a unit after a tenant leaves is $2,500. Reliable tenants make life a lot easier for a landlord. Taking steps to keep yours will save you a lot of money and headaches in the long run. The following tips will help you hold on to your best tenants. Keep them in mind to make your job significantly less difficult. Respond Promptly Don’t drag them out hoping the situation will correct itself because it won’t, address issues swiftly.  Be sure to provide all tenants with multiple contact methods to reach the property manager.  A professional management team should be easy to reach. Make Upgrades Tenants want comfortable homes. Set it up so they take mental ownership.  If you are a slumlord, you will be treated as one. Certain additional amenities, such as parking spots, pools, and fitness centers have also been shown to dramatically boost tenant retention rates. Consider Rewards Management companies that implement rewards programs don’t merely keep their best tenants: they also attract more quality tenants when filling vacant units. Rewarding good behavior shows you value your relationship with the building’s occupants. They’ll appreciate the gesture and be much less likely to move out as a result. Reach Out Early for Renewals Don’t wait until the last minute to contact tenants about renewing a lease. Contacting them 90 days ahead of time is smart for several reasons. First, it gives you more opportunities to learn if certain factors are making them consider moving out. That means you can address those factors beforehand. If there’s nothing you can do to convince a reliable tenant to stay, reaching out early at least gives you more time to find an equally good replacement tenant quickly. Train Everyone Accordingly Do you have several staff members? Making sure they treat tenants with the respect they deserve is just as important as making sure your own behavior is respectful. Train all staff members accordingly. When someone besides you interacts with your tenants, you want to know they aren’t making the wrong impression. Charge Fair Rent Tenants don’t want to spend more money than they have to on rent. As a landlord, make sure you’re constantly researching average rent costs in your area. Charging a fair market price is key to avoiding turnover. All landlords know reliable tenants aren’t always easy to find. If you already have them, you want to do everything you can to keep them. These tips will help.