Your rental properties are only profitable if you are able to keep them occupied with paying renters. Unfortunately, some property owners spend more time focused on acquiring renters than retaining the existing ones. Without a solid resident retention rate, you could be losing money trying to attract new renters. To help you improve your resident retention, here are some things you can do.
Do Not Ignore Feedback
Your best source for why residents are unwilling to live an extended period of time is your residents. Even if you believe that your property is well maintained, there might be something you are missing that is causing your residents to seek different housing.
You can choose to meet with all of your residents and listen to their concerns in person or offer a survey for them to complete. A survey gives them the chance to be honest about your property without fear of retaliation.
Be Available on the Weekends and Evenings
Problems can arise with your property at any time of the day or night. However, if you are only available to your residents during business hours, they will be forced to deal with troublesome situations on their own until you are reachable again. For many residents, this is a dealbreaker that often leads to them moving to a different rental property.
If you are unable to be personally available to your residents, consider contracting with a property management company. The company can establish an around-the-clock service number that residents can call to get help whenever they need it.
Show Your Appreciation
Everyone likes to feel appreciated, including your residents. You do not have to go overboard to make your residents feel as if you value them. Small measures can mean a lot to them and build on your relationship with them.
For instance, you can leave a small treat, such as a bag of popcorn and a bottle of juice, in their homes or apartments after performing maintenance. You can also hold contests to give away discounts on rent. If possible, you can host an annual party for all of your residents. To save on the costs, you can turn it into a potluck and invite everyone to bring favorite games and food.
A property management company can help you identify other methods you can use to increase your resident retention. With more focus on the residents, you can see an uptick in your profit and also gain a better relationship with your residents. Visit websites like http://www.getthehammer.com to learn more.
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