Tenant retention is good for investors because it increases earnings and decreases expenses. When you have a great tenant in place, you want to do everything you can to keep them. When your tenants stay with you and renew their lease agreements year after year, you can avoid the costs that come with vacancy and turnover. You’ll also enjoy stable, consistent rental income and a growing property value.
Here are some of our best tips for keeping Littleton tenants in your property.
Responsive Maintenance Policies Keep Tenants
Responding to maintenance requests is important, and you should treat both emergencies and routine requests with a sense of urgency. Keep tenants informed throughout the process. If it’s taking a bit longer to get a vendor out, let them know why and when the service can be expected.
When you respond quickly to maintenance needs, tenants feel like you’re taking them seriously and that you care about their comfort and happiness. One of the main reasons that tenants leave rental properties is because repairs were not taken care of in a timely manner.
Be clear in your lease agreement about how maintenance issues should be reported. You don’t want your tenants confused about who to call when there’s a leak or a broken window. Make yourself available and accessible, or work with Littleton property managers who will already have a maintenance plan in place.
Provide Online Rental Payments
Tenants are always going to appreciate ease and convenience. One of the best ways to retain tenants is by providing an online rental payment system. Good residents don’t want to write out a check every month. When you give them a way to pay easily and securely, you’re going to give them a great reason to stay. Tenants want technology, and you need to respond to that.
Communication and Relationships
Renting out a Littleton property requires good relationships. You want to be professional and friendly with your tenants. This doesn’t mean you need to get too close - there’s definitely a need for professional distance. However, when you establish a good working relationship and communicate openly and transparently, you’re more likely to retain your great tenants.
Check in with your tenants once in a while. Find out if everything is going well and if there’s anything they need. Offer resources that might be useful. If a big storm is coming, for example, make sure they know how to prepare. If there’s a new school opening in the area or something happening within the community, forward an email or some information that lets them know. You want to be a resource for your tenants. It will help retain them.
Rental Increases at Renewal Time
Get to know the Littleton rental market, and don’t make outrageous rental increases.
Most tenants are going to expect that their rent will increase from year to year. Make a smart increase that covers your own additional expenses but doesn’t chase away your great tenants.
When you have great tenants in place who pay rent on time every month, keep the property clean and in good shape, and take care of minor issues around the home themselves, you want to retain those tenants. A reasonable rental increase that matches inflation and the market rental values is fair. Increasing the rent by 20 percent is only going to chase away your good renters.
We have a great tenant retention record, and we’d be happy to share additional strategies. Please contact us at Assured Management, Littleton property management experts serving residential landlords in West Denver and the surrounding areas, including Lakewood, Golden, Wheat Ridge, Arvada, and more.