Discover our top four tips for improving tenant satisfaction to reduce your tenant turnover
As a property owner, keeping tenants for as long as possible is your ultimate goal. Tenant turnover can become costly and reflect badly on you as a landlord, so it’s important to focus on retention efforts like tenant satisfaction to prevent these unwanted expenses.
Continue reading to learn the best tactics to help keep your tenants satisfied with living at your property.
Tip #1: Focus on the present, not just the future.
If you want to improve your retention rates, focus your time and energy on keeping the tenants you already have instead of constantly trying to attract new residents.
Your property’s marketing efforts can work to not only appeal to new residents, but also help satisfy the current renters. Listen to your tenants’ suggestions and address concerns through different materials and programs designed just for them.
Tip #2: Invest more in maintenance.
Property maintenance tends to be the number one complaint for tenants. Consider investing more into property upkeep to ensure that your tenants are living in a safe and clean environment.
Being ahead of property issues such as maintenance can further improve retention rates and increase appeal to prospects, effectively increasing tenant satisfaction.
Learn more:
The importance of rental property maintenance
Tip #3: Communicate with tenants.
With staff performance being the largest determining factor in why a tenant moves out, over 60% of customer turnover is controllable. [1] Good customer service is a crucial aspect to better tenant satisfaction and retention rates.
By being attentive to tenant concerns in a timely manner, property owners can express their own appreciation for their renters. Make an effort to conduct tenant satisfaction surveys or reach out to tenants from time to time to learn about what they’d like to see you do better.
Tip #4: Hire a property management company.
Not every owner is equipped to handle the many demands of managing a property. Partnering with a property management company can increase the value to tenants by ensuring that professionals are involved.
From handling property maintenance to managing tenant needs, property management companies can provide residents the satisfaction that their rental is being taken care of properly.
Read more:
What to look for when hiring a property management company
In conclusion
Choose to spend more time keeping your tenants than just focusing on finding new ones. A well-developed tenant retention plan can help ensure the success of your property by minimizing vacancies and maximizing profits.
Looking for a property management company to partner with?
Rental Heroes can support your real estate investments goals by providing you with high-quality property management services in Orlando. From tenant screenings to rent collection, we’ve got your property covered!
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