Tranquility and Happiness
First, it is important to know the importance of tenant retention. Tenant retention means keeping good tenants for the long term in your property, which in turn means that there are people living in your property and it is being taken care of. Most importantly, you are getting the payment on time. Tenant turnover can result in lost rents, marketing time and repairs that are required after a tenant moves out, all of which can cost anywhere between $3,000 and $5,000 (sometimes even more). Good tenants give you a steady income and look after your property, and thereby, make your life easier.
You can use many strategies to analyze tenants, but the best tactics are perhaps the ones that make your tenants stay and that is exactly what a tenant retention program does. When you reward marvelous tenants, you are keeping a steady and uninterrupted stream of income.
However, remember that apart from rewards, other factors play a role in keeping tenants, such as your property’s location, rent payment amount, benefits and services you offer and other circumstances that are beyond your control. A tenant retention program is your way of showing your gratitude and appreciation and that will strengthen the connection between you and your tenant.
Given the right circumstances, your tenant retention can be boosted with strategic implementations of tenant retention programs. Anything that helps you keep tenants is a wonderful thing. But what exactly is a tenant retention program?
These strategies are a creative way to reward tenants and make them want to stay. What are some of these clever and creative strategies?
Knowing more about Tenant Retention
These strategies are usually based on a couple of platforms. For example, a reward program is one way to say “thank you” to your tenants for making timely payments. A gift certificate or gift card for a year is a popular form of this program. Offering a credit to their account is also a sagacious idea.
Offering a referral program is another astute way to make your tenants want to stay. These reward programs allow your tenants to earn cash every time they refer another tenant. Remember to stipulate that the tenant they refer must meet the rental criteria as well as sign a lease.
The Clearest Reward
Like you, tenants love a little extra cash! With rewards and referral programs, you offer tenants an opportunity to earn extra money and show that you care about them at the same time.
When setting out referral and rewards program guidelines, remember to include all criteria in a disclosure. Let your tenants have fun, and make sure you cover all the bases. These programs will keep your tenants happy. When you boost your tenant retention rate, you receive a steady stream of income and peace of mind with the knowledge that there are valued tenants living in your property!