how do you retain tenants

8 Ways to Retain Your Best Tenants

• 1. Look after the property... and your tenants Your job does not end with handing over the keys to the rental unit. ...
• 2. Be responsive and proactive ...
• 3. Observe fair housing practices ...
• 4. Don’t be a stranger ...
• 5. Set up a rewards system ...
• 6. Form a big, happy family! ...
• 7. Train your staff to be tenant-friendly ...
• 8. Offer renewal incentives ...

Full Answer

How to attract and retain good tenants?

In order to attract and retain good tenants, you have to maintain a clean, well looked after property that demonstrates your intentions as a landlord or a property manager. You have to make your tenants feel happy and proud that they are living there.

How to retain tenants in your rental property management business?

Collect insights and feedback through your new channels, i.e., your property management software, and go with your hunches about where you might lose tenants. This tenant retention effort is one of the processes that can really elevate your rental property management business. You’re managing people, and people like to be happy.

How do you keep tenants from leaving your property?

By simply changing how you and your staff listen to and interact with your tenants, coupled with minor property improvements, you can greatly reduce the likelihood that they’ll leave. — Turnkey Invest Properties. You could keep them leased by helping to manage these feelings of powerlessness rather than passively watch them get fed up and leave.

Why do you need a tenant retention program?

It reduces tenant long term value considerably. Rather than succumbing to the financial loss and random loss of tenants, you can develop a program to retain them.

Vacancies and Long Term Value

While it may be good that a percentage of your tenants will move on to other accommodations, and that some turnover keeps your apartment buildings fresh, you’re faced with filling those vacant apartment units. Advertising programs have good reach now and vacancy rates are so you’ll likely find new tenants and some will be excellent tenants.

Vacancies are Some of the Worst Losses in Property Management

One vacancy typically costs 1 to 2 months rent equivalent. It’s one of the costs that pains you and your property manager most, so it’s worth it to build a plan and strategy and spend some money on the effort. Here’s 5 good reasons:

Discomfort is the Real Cause of Vacancies

Comfort of the tenant is key. Tenants move not always because of financial pressure, but from a mounting feeling of frustration, pessimism, worry, hopelessness, disappointment, etc.

In General, What Can We Do to Retain Tenants?

Here’s 7 quick ideas on how to keep them leased, as their lease term expires this year.

The Ultimate Guide for How to Find Good Tenants and Keep Them at Your Property

The leasing market can be competitive for commercial real estate landlords. You want to attract quality tenants: successful businesses run by savvy, prosperous business people of integrity. But smart tenants have options when it comes to where to lease.

6: Provide Excellent Customer Service

Your pre-sale customer service can become your greatest asset for attracting quality tenants. Why? This can show them a preview of the excellent service quality they will receive when leasing at your property.

Get More Insights on How to Find Good Tenants

For office and retail commercial real estate insights, leasing, and consulting, please contact us.