A vacancy in your property will ultimately cost you money. Though the property won’t be used, it will still require maintenance costs, which will lose you money, because it won’t be bringing in rent. Though it is possible to eliminate vacancy time between tenants, it is far more effective to retain good tenants in the first place. When you have a good tenant, it is vital to take all of the steps necessary to increase the overall tenant retention of your property. A property management company can go a long way toward improving how effectively your business functions.
Make a Tenant Retention Plan
Creating a plan can go a long way toward ensuring that you undergo all of the necessary steps to increase the tenant retention of your business. The plan will include many aspects, like the leasing process, rent-structure, and maintenance schedule.
Communication is Key
It is important to communicate properly with your tenants. Thorough communication will allow you to catch problems that may be plaguing your tenants. It is important to be available to respond quickly and efficiently to tenants’ concerns. In addition, the way you communicate with your tenants can affect the relationship they have with you, which can also go a long way toward improving their overall satisfaction.
Maintenance and Upgrades
In order for tenants to be happy, it is important to provide the proper maintenance to your properties. This will prevent problems from occurring and will allow your tenants to feel much more comfortable. Other upgrades can help to increase the satisfaction of your tenants. Embracing technology, improving the property’s security, and increasing the energy efficiency of your property can go a long way toward making the property a more comfortable place to live.
Remember Special Dates
Remembering special dates, like birthdays or anniversaries, can add a very personal touch to your relationship with your tenants. It can help them feel valued and appreciated. An act that is as simple as sending a text or email to a tenant on their birthday can go a long way toward improving the tenant retention of your property. Tenant retention can help to maximize your business’s profits. It can help to minimize the expenses that are associated with filling a vacancy in your property. These processes can also help to ensure that good quality tenants stay in your properties. To learn more about the best strategies to increase tenant retention, contact us at Keyrenter in Tulsa today!