As every landlord and property owner knows, keeping tenants is vital so they can avoid vacancies and maintain solid revenue at a property.
Maintaining a smoothly functioning and well-kept property is essential for increasing tenant retention rates. Landlords who are attentive to tenants' needs and quickly address any complaints will find that they stay considerably longer.
Also, property managers should hold high standards for potential tenants. If a landlord is very careful during the tenant background check and interview process, they can raise their chances for leasing to a trustworthy person. Furthermore, filling a complex with well-screened tenants will likely help improve the reputation of a property.
Offering tenants renewal bonuses is an excellent way to try to raise retention rates. Comparing the cost of professionally cleaning a property and finding a new tenant to a renewal bonus will show most landlords that it is worth the small expense.
Additionally, using social media to connect with tenants and potential tenants can help them to realize that a property is high-quality and well-maintained. If landlords are attentive to their social media accounts and consistently keep tenants updated on any news regarding the property, they can help to build a landlord-tenant relationship of trust and loyalty.