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3 Ways to Increase Tenant Retention in Property Management

tenant retention

Based on rentprep.com “Tenant retention refers to the turnover rate of tenants at your property”

One of the biggest questions that property managers should ask themselves is: “How can I increase my tenant retention for my property management business”. Asking yourself this question can help you boost your business and reputation thus helping you grow as a property manager.

Before we start what do we mean by tenant retention, based on rentprep.com “Tenant retention refers to the turnover rate of tenants at your property”

As a property manager, how do you make sure that you’re providing the best service to keep your tenants with you? Looks tricky, right?

To help you increase and maintain your tenant retention rate, we are providing you with our 3 ways to increase tenant retention for your property management business.

1.Maintain a good relationship with your tenants

Most of the tenants out there loved to be checked by their property managers from time to time. Especially their experiences in the property that they are in. 

By doing so, your tenants will feel that you care about them. Also, they will know that you’re doing what you can do to help them get the best experience within your service. Make them feel that you’re there for them if they need you and your property management service. Remember, you need to continuously increase the trust that your tenants gave you.

2. Quickly Resolve Property Maintenance Issues

Ask yourself, how quickly do I resolve the issues that my tenants are having with their properties? Why because the quicker you can resolve a property maintenance issue, the better. This helps you reassure your tenants and prevents them from having to deal with discomfort for too long.

But always bear in mind that there are issues that can’t be resolved instantly and the best thing that you can do is to provide your tenants with a realistic resolving time.

3. Ask feedback from your tenants

Client feedback is crucial for any business because it gives you an idea of how satisfied or dissatisfied your tenants are. In this way, you can improve the things that you need to improve immediately to maintain a good relationship with them and prevent them from finding other property or property managers to assist them.

Happy tenants = Tenant retention, do you agree? Which of the 3 ways that we shared hits home for you and which ways are you planning to implement in your property management business.

 

About Author

Julie Camacho, a product specialist of Mi Property Portal, an 𝐀𝐥𝐥-𝐢𝐧-𝐎𝐧𝐞 software that will streamline your entire residential property management business. This software is built for small to mid-sized Canadian property management companies, individual landlords, and investors.
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