If you own rental properties and you find that your tenants never stay for long, you will want to work out what the problem is.
Finding new tenants takes up a lot of time and energy, and while you are searching for suitable tenants, your property is going unused. This can lead to financial difficulties.
So it makes sense to find out what is going wrong and then change what you are doing to encourage your tenants to stay for longer.
Here are a few top strategies for ensuring that your tenants feel inclined to stay so you can boost your retention rate.
Sort Out Maintenance Issues Quickly
One thing that tenants hate above all else is when they have a problem that needs fixing and you don’t do anything about it.
The problem can vary in severity. It might be that a blind has broken and they can’t get any natural light into a room, or it might be something more serious like a broken water heater.
Whatever the problem, make it your aim to act swiftly. Don’t make your tenants wait around as this can be very uncomfortable for them, and it can be one of the main reasons why they decide to leave when the contract ends rather than renewing it.
Deal with Long-Term Problems
Sometimes there are ongoing problems with the property that affect the comfort of your tenants. For example, there may be a patch of damp on the wall or in the basement.
While this may not immediately affect them, it is unpleasant for them, and if you don’t sort it out, they might decide to go elsewhere
On top of that, relatively minor problems can quickly become more serious, and this can end up costing you a lot more money to sort out.
Sort out issues like water damage and structural repair by contacting a specialist. Visit www.helitechonline.com and get a quote for their repair services, which might include installing moisture protection barriers or fixing cracks caused by water.
Make your property a more comfortable place to live for your tenants, and they are sure to reward you by staying for longer.
Respect Their Space
It may be your property, but you have to respect the fact that it is your tenants’ home. That means you should never pop over unannounced.
Instead, always call them well in advance of a visit, ideally two days or more. Call them up to let them know, and that way they can prepare to receive you.
This makes a huge difference to tenants, making them feel more comfortable in your property, and they will know that you respect their private space.
Also, make sure you are aware of all the relevant laws surrounding how you deal with your tenants to avoid any problems.
Make Yourself Easy to Contact
When tenants have a question or a problem that needs dealing with, make sure they can contact you easily. Give them your cell phone number as well as your home number and email address, and even add them to WhatsApp or add them to your contacts on social media.
When they contact you, reply quickly. This is very simple to do, but it can make all the difference. Tenants want to know that they can contact you when they need to, so make yourself available.
Tell them when you are not going to be around and recommend they contact you via email instead (for example, if you are going out of the country). Give them the details of someone else to contact so they are never left on their own.
Make Them Feel Welcome
Improving your retention rate starts from the first day, so make a real effort to welcome them into your property. Moving into a new home can be stressful for your tenants, so try to make it as easy as possible and they will appreciate this.
Be there on time to hand over the keys, and even leave a welcome pack including information about the nearest bank, stores, parks, etc.
Little touches like this can help to make them feel welcome from the moment they arrive, and they don’t cost much at all.
Make Paying the Rent Easy
Don’t make paying the rent a hassle. Accept different payment methods, and don’t insist they pay you in cash. Online payments are so much more convenient, so ask them how they would like to pay and then do your best to accommodate them.
Make Your Tenants Want to Stay Longer
A low tenant retention rate can increase stress and reduce your earnings from rent. If your tenants regularly move on rather than renew their contracts, it’s time to find out what is going wrong.
Look over the issues covered above and ask yourself whether you could be doing anything better. Then improve your property and your service, and benefit from better retention rates going forward.
Georgia Whitehouse shares her experiences of being a landlord in her articles which appear on property related blogs. She entered the property game several years ago and has built up a wealth of experience in property management.