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Property Management Tips for Tenant Retention

Property Management | Great! You rented out your home and they signed a one year lease. That is a great milestone to reach as a property manager, but now the real work begins. You will have maintenance requests to respond to, rent that will need to be processed, and you will need to ensure your great tenants will want to renew their lease with you. Property management companies have many tips and tricks for helping tenants feel welcomed and happy throughout their entire lease term.

  1. Acknowledge Tenants Whenever Possible-Tenants want to believe that their landlord or property managers care about them. Renters like to know that they are people and not just rent checks. When someone applies for a rental home, you will most likely need their birthdate on the application. Send a birthday card to tenants to make them feel special.
  2. Be Timely with Resolutions-When tenants have a maintenance request property management companies must prioritize based on emergency or severity. Be upfront with tenants about how long they need to wait before a resolution. Always try to fill maintenance requests within three business days and let tenants know when any follow-up is needed.
  3. Welcome Gifts-Property management companies that make their renters feel appreciated will retain them longer. Offer new tenants welcoming gifts or make sure the rental home already has a roll of paper towel on the counter and a roll or 2 of toilet paper in the bathroom (we all forget about the little things on moving day!). Put a magnet on the fridge with all the pertinent phone numbers that tenants will need and a rent due date reminder. These little things go a long way when it comes to lease renewals. For residents who choose to renew, offer them a thank you gift such as new blinds, a carpet shampoo, or $50 off their next month rent.

Resident retention is something that a property management must be good at to stay profitable and successful. Don’t skip resident tension in your property budget.