Being a landlord means there are a lot of things you have to worry about. At the very top of that list is going to be your tenant turnover rate. This is how often tenants are renting and vacating your rental.
Getting your tenants to stay longer is obviously good for business. But that isn't always as easy to accomplish as you may think.
Keeping up with tenant relations can help you increase your tenant retention rate. Taking a few intentional steps towards developing a good rapport can make a huge difference.
Check out these steps you can take to make it happen!
Make Things Simple for Them
Nobody likes to take extra steps to complete a task. In all cases, the simpler the solution the more likely it is to get done. That includes paying rent, putting in a maintenance request, or checking in about a lease.
Think through those processes and see if there are ways you can make them easier. Online solutions are often much easier to manage than physical ones!
Creating simple solutions for your tenants can go a long way to helping them feel like you care.
Keep Up With Maintenance Request
One of the biggest responsibilities of a landlord is maintaining the property. Keeping up with these requests and getting work done as quickly as possible will help reduce tenant churn.
Property maintenance will include regular tasks, like cleaning the HVAC system yearly. But it may also include emergency situations like a flood or a broken appliance. Both should be taken seriously and handled as fast as possible.
Open Up Lines of Communication
There's nothing more frustrating than not being able to reach someone when you need to. Except maybe not getting a straight answer about something important. As a landlord, you should avoid those things at all costs.
When you get new tenants, start your relationship off by having clear, open communication. This will help both parties know exactly what is going on at all times. You'll stop a lot of issues in their tracks with these practices.
Add Lease Renewal Incentives
When you find good tenants, do whatever you can to keep them. Adding in some lease renewal incentives can help boost your chances of them staying. These can be as simple as lowering a fee or bringing them a gift. The key is making them see how much you value their business.
Boosting Tenant Relations in Your Rentals
Working on how you relate to your tenants can change your whole landlord experience. But it can also be difficult to fit in all the extras with everything else you have going on.
That's where a property management team can come in and save the day. They can take all the responsibilities off your plate and help you build good tenant relations at the same time.
At PMI West Suburban we know how important that connection can be. So we work hard to make everything simpler for both the landlord and tenants in Naperville. Check out our free rental analysis to see how your rental is doing.