Any professional and experienced property manager will understand the importance of resident retention. Retaining residents is one way to make sure you’re not spending more than necessary in marketing methods. A rule of thumb suggests that you’d spend 5x the amount of money trying to replace a tenant than keeping them around. As a property manager, showing your appreciation and remaining friendly is one of the greatest ways to keep tenants around longer. Of course, there are more than a few ways to help keep your tenants happy.
Ways to Keep Your Tenants around Longer
- Offer perks such as reserved parking, especially in urban areas where parking is scarce. You could upcharge for the space and include it in the lease agreement. Just having this option keeps tenants happier.
- Give the apartment complex or rental units a cosmetic makeover. By making the property appear brand new and keeping it clean you’re likelier to keep tenants happy. If a tenant complains about mold, mildew or outdated appliances, cater to them. These small enhancements will keep them happy living there.
- Become a part of your tenants’ daily routine. Provide coffee every morning at the office or a little station with a water cooler, fresh coffee and some snacks, similar to the accommodations at a hotel.
- Making small improvements to the apartment isn’t something tenants are capable of doing due to the terms in the lease agreement. However as the property owner, making small improvements gives tenants the opportunity to enjoy these new upgrades. Meanwhile, you have increased the value of your property.
- Give your tenants a sense of community. Plan small events and social gatherings. Make it a point to plan community gatherings so that your tenants have the opportunity to meet and mingle with each other. A sense of community creates a friendly and safe environment for all those living in the complex.
Any great property manager will understand how important it is to retain tenants. Not appeasing tenants can cause a lot of issues, not just a lack of retention. You don’t want to create a poor reputation for the rental property due to a bad attitude and a lack of caring for tenants. Keep your tenants happy by creating an environment they are happy to be a part of and you’ll notice that the rate of your tenant retention increases. Show them your appreciation and they will reciprocate by sticking around.