What makes a good tenant? Many property managers would answer that question as someone who pays their rent on time, takes care of their rental space, and is courteous and respectful of policies and procedures. Tenants like this can often be more difficult to find, and one thing’s for sure – when you find them, you want to keep them around.
Good property managers know that the cost of attracting new tenants is much higher than the cost of effective tenant retention. In fact, tenant acquisition costs five times more than tenant retention on average.
If you’re fortunate to have good tenants, consider the following tips in order to increase tenant retention:
1. Practice Good Tenant Communication
Effective tenant communication is the first step in creating positive tenant relationships and promoting high levels of tenant retention. Studies also show that interacting with tenants through their preferred method of communication increases all around tenant satisfaction. Implementing a Property Management System that allows you to share important information via popular methods like voice, text, and email can help maintain a personal touch.
2. Take Your Tenant Communication Digital
Adopting a digital tenant communication platform is one of the most effective ways to increase tenant satisfaction and tenant communication. Online capabilities like paying rent or service fees, messaging property management, and checking the status of maintenance requests is priceless for many tenants – not to mention, the new normal.
3. Train Property Management Staff
Property management staff can have a huge impact on tenant retention. They likely interact with tenants more regularly than property managers, and often have a daily on-site presence. They are a direct reflection and your first line of defense for handling many tenant or property issues, so ensure your property staff are adequately trained in accordance with your policies and procedures.
4. Maintain a High Standard
Tenant retention will depend largely on your maintenance and response of common issues. The best way to demonstrate that you care about tenant safety and well-being is by taking excellent care of your property. If tenants have to deal with things like overgrown landscape, malfunctioning heating and cooling, lengthy repair times, and poorly cleared snow – they will consider other options when renewal time comes along.
Alert Solutions can help. Download our tenant communication brochure to learn more about increasing tenant retention through the use of multiple personalized communication channels.