Top 5 Secrets of Tenant Retention
It’s every landlord’s greatest wish to have good quality tenants in their property. While some don’t always see that dream fulfilled, others are reaping the rewards of great tenants and doing all they can to make sure they stay. So how do you keep a good tenant for the long haul?
Be responsive – whether responding to a maintenance call, approving a request or answering a question, follow through will work its charm every time. Arranging maintenance as quickly after it was reported as possible will definitely get you in their good books. It tells the tenant you heard them, empathise with them and respect their needs - action always pays dividends.
A wish list – It’s rare that tenants get the chance to have a say, so being asked ‘how would you make this property better?’, or “what’s your wish list for your home?’ is a real game changer. You may not action everything (or anything) on their wish list, but choosing requests that are easy to implement, not too costly and will add value to the property is really a no brainer.
Surprise upgrades – keeping tenants satisfied and happy can be as easy as a new shower head! If you’ve had some upgrades in mind for a while, surprise them with the news and brighten their day. New bathroom fixtures, replacement of some out-of-date tiles, or maybe some new additions to the garden all add value but also improve the tenants’ experience of living there (and thus wanting to stay on).
The little things - If you’re blessed to have responsible, committed tenants then sending a little gratitude their way in the form of a card in the mailbox here and there, a movie voucher or a small but strategically chosen gift is almost essential. It lets them know you value them and builds-in loyalty to you they may not have had before. At the very least, you could send a few sentences in a Christmas card telling them what great tenants they are and expressing your gratitude.
Be human – if a tenant feels like a place is home, they will take care of it as if it’s their own. If you take care of them, in recognition of this, everybody wins. Taking a human approach means being understanding when life gets in the way. Their rent might be late here and there, or they might appreciate some notice if the rent is going to go up. Or worse – they might get sick, separate from their partner, or lose their job.
Doing whatever you and your property manager can to be supportive and improve the tenants experience of the property is the key to a (hopefully) prolonged tenancy.