Talk to any landlord or proper owner, and they will tell you that tenant turn over is perhaps the most painful part of property ownership. A vacated unit usually requires inspection, cleaning, and repairs to keep it in a rent-ready condition. Beyond that, you have to advertise the new rental property and screen the new tenants. You will also incur legal and showing fees.
The longer the unit remains vacant, the more expenses you will incur. So, how can landlords and property managers retain good tenants? Well, a solid tenant retention strategy is all you need. Here are proven ways to improve the leasing experience and keep your good tenants renting for years.
The key to improving your tenant retention rates is to find quality tenants. If property managers and landlords screen all tenants, they won't have to worry about the retention rates. Tenant screening enables property managers and landlords to find qualified tenants in terms of credit, income, personality, and honesty. By identifying tenants who will cause more harm than good, you won't have to deal with delayed payments, property damage, and conflicts. This way, you can provide the best possible leasing experience.
So how can you screen all tenants? Start by asking them about their income and verifying their criminal background. Where possible, you can contact the previous landlord to learn more about your new tenant.
Even after screening your tenants, you still have to provide a fantastic tenant experience. One way of doing that is by prioritizing maintenance. You don't have to wait for your tenants to make maintenance or repair requests. Proactively scheduling routine maintenance and repair will significantly improve your tenant retention rate. With that in mind, schedule routine maintenance to keep your units in mint condition.Besides, regular maintenance will save you money and prevent unnecessary headaches down the line.
If a tenant raises an issue, it is also essential to address it promptly and provide regular updates to keep them informed throughout the process.When you care for your property, your tenants also know that you care about them.
Another easy way to improve your tenant retention rate is to maintain reliable and honest communication throughout. Communication is integral to property management. With effective communication, tenants are more likely to enjoy the leasing experience. On the other hand, your tenants might get fed up if they have to follow up numerous times to get the unclogged toilets or sinks fixed.
Similarly, your tenants don't want to follow up several times to get the faulty electrical system fixed. Neither do they want to wait days to have their issues addressed. Providing top-notch customer service starts at move-in. Your duty as a property manager or landlord is to ensure your tenants can easily reach you from the word go. Your tenant welcome package should contain several ways tenants can contact you via property management software, phone, or text. Above all, you must be clear and prompt when responding to tenant requests. You should also follow up with your tenants to ensure your requests are addressed on time.
Like any other property manager or landlord, you also want to maximize your rental income. However, overpricing your rental units can drive away good tenants, leaving you with unnecessary expenses and a reduced rental rate. That's why you should regularly review your rental prices to keep up with the market trends. Never go above the market level when renewing leases. You are likelier to keep your price-sensitive tenants happy when you have fair prices.
If you are struggling to keep your existing clients happy, it would be best to find out what you might be doing wrong. So, the next time a tenant moves out, send an exit survey to pinpoint the issue. Some questions include why you have decided to move out, what improvements they would like to see, and what you can do to convince them to stay. When you understand what you might be doing wrong, you will be better positioned to improve your tenant retention rates.
It's clear that property managers and landlords must improve communication, address tenant requests quickly, and review prices to improve their tenant retention rate. One of the most cost-effective ways to rev up your tenant retention rates is by improving the leasing experience. Using Kenya's best property management software allows you to do just that.
When you use rental management software, you can improve communication by sending bulk SMS and emails to communicate with tenants. You can also easily send rent reminders, receipts, and invoices to keep your tenants informed. Additionally, property management software allows you to digitize accurate tenant records and automate repetitive tasks. Your tenants can also send requests and make payments easily through Mpesa and banks. So, are you ready to improve your tenant retention rates? Talk to us today to get started.
Book a demo with us to learn how Bomahut can help you improve rent collection and save time on property management tasks.
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