According to most experts, tenant turnover is a significant expense for landlords and property managers. If you have found a good tenant, you should not be surprised that your next goal ideally would be to keep them on board for as long as possible. Your operating costs and vacancies will be reduced by employing the best tenant retention strategies.
For the past two decades, Albert Dweck has managed Duke Properties’ Brooklyn operations in New York, USA. He created Duke Properties and served as its CEO. Aside from that, he is the CEO of a real estate company with over 50 partnerships and over 500 units of property.
These proven techniques can increase tenant retention from Albert Dweck:
Keep excellent communication and responsiveness. This is the most overlooked and straightforward strategy to increase tenant retention. Your tenants should not be confused about how to submit maintenance requests or ask simple questions. They shouldn’t wait for a response from their landlords or property managers for more than a week.
According to Albert Dweck, You can create a welcome package for your tenants. Include a list of ways to contact you. You can contact Albert Dweck through an online tenant portal, phone, email, or text. You should also train your property managers to respond promptly to tenants’ inquiries and requests.
Maintain your property in perfect condition
Another effective way to improve tenant retention and satisfaction is to inform your tenants about ongoing repairs, maintenance, or capital improvements.
You care about your tenants when you respond quickly to their maintenance and repair requests. Many tenants won’t renew their leases if it takes weeks to fix simple problems while the property is in decline. This strategy will help retain your tenants and increase the property’s longevity. You will be able gradually to reduce your operating costs as your tenant turnover drops.
Incentive Programs for Lease Renewal
When tenants face lease renewal, they must decide if they should stay or go. There are often factors outside your control that can influence the decision. The things you can control could help them change their minds. You could offer your tenants gift cards to local shops and restaurants or cash bonuses for their lease renewal. You should submit these offers at minimal cost and encourage tenants to renew their leases.
Another option is to allow them to choose from a list of property improvements, such as new flooring, window treatments, or appliances. You will need to carefully analyze each incentive to determine if it is worth the cost.
Albert Dweck is always here to help you online. These tips will help you retain tenants, attract top-quality tenants, and maximize your profits.
You can delegate any of these tasks to your property manager or hire professionals to do the job. You will only be responsible for ensuring that your tenants are more affordable, personalized, and authentic, rather than worrying about their safety.
Click here if you don’t have a property manager yet. Discover how Albert Dweck can help ease your burdens and how our services benefit you.