Retaining outstanding tenants is highly profitable for property management, since it will reduce vacancies considerably and the workload will be substantially reduced as well. Hence, forming specific strategies for tenant retention is a fantastic idea, and should be given the highest priority, especially for the coming year, where competition is expected to be intense.
When you want to retain impressive tenants, the obvious objective would be tenant satisfaction, as a satisfied tenant is not likely to leave, provided other factors in his life are stable.
Check the Competition
This could be considered as an indirect way, but it is quite effective when you are ruling out the places, where your tenants are likely to relocate. Review similar properties in the area and check out the tenant profiles and vacancy rates on those properties. Consider what features and amenities they are offering, and see if your property is able to match or falls short. Make the necessary changes, do renovations, and upgrade to their level, so that your tenants are no longer inclined to move.
Check for New Developments
New building projects in your area means increased competition, and you can track these by paying a visit to the municipal council of your locality. New developments will not only upset the demand-supply ratio, but the new properties will also be offering incentives and better features to attract prospects. To counter this, property management can consider offering the same incentives or better features to their tenants.
Improving and Maintaining Impressive Relations with Tenants
Tenant satisfaction has a lot to do with the type of relationship property management develops and maintains with the tenant. Better features and incentives do play a major role in retaining tenants but ultimately if the relationship goes south, the tenant will think of moving. Here are some of the major points that can help property management build stellar relationships with residents.
Being Responsive and Attending to Issues Quickly
This is one of the most important aspects of maintaining remarkable relations. Facilitate open communication channels, where it is easy for tenants to contact property management. Ignoring emails or calls is a major mistake, even if the concerned matter is hardly worth noting. Delaying response could escalate issues, and repeatedly ignoring tenants will make them disregard the property and its rules.
However, being responsive is not enough, since you need to follow it up with actions to set the problem right. Many tenants are dissatisfied due to the delay in the execution of maintenance and repair requests. If it is not possible to carry out the request in time, then at least inform the tenant about the difficulties and ensure that the repairs will be done as soon as possible.
Having Pet Friendly Policies
With over 60% tenants having pets, it would be very helpful for property management to have pet friendly policies. For many tenants their pets have become a part of their families, and they would not hesitate to move if they feel their pets are uncomfortable or being discriminated against. Well, if they have a pet cobra, that type of pet should be frowned upon.