Are you looking for the best way to minimize vacancy at your Ormond Beach rental property? Do you dread the expense and the work that’s required in turning your property over between tenants?
The answer to those concerns, of course, is tenant retention. When you manage to hold onto the good tenants that are already in place, you earn more money.
We have some tenant retention strategies that work well for us as local property management experts. When you can implement these ideas, you’ll find you have happier tenants who are eager to work with you at renewal time.
Set Clear Expectations
Communication is an important part of establishing and maintaining a good relationship with your tenants. Good communication starts with clear and direct expectations. Before your tenants move in, have a conversation about what you expect from them during the lease agreement. Be clear about your rent collection policy, the procedure for reporting maintenance, and how you want to be contacted if there’s a problem.
All of your tenant’s responsibilities and requirements should be clearly stated in the lease agreement. This gives residents a place to go if they have a question or they’re unsure of something.
Provide a Pet-Friendly Property
Allowing pets actually has a big impact on tenant retention.
There are a couple of important reasons for this.
First, your tenants likely paid a pet fee when they moved into your property. They know they’ll have to pay a pet fee again at another place if they move. No one wants to hand out hundreds of dollars again. Pet owners also know that not every rental property will welcome their cats and dogs. It may take them longer to find a new home, especially in a competitive market.
Pet-friendly properties always have a lower vacancy and higher retention rates. Consider allowing pets into your rental home.
Maintenance and Tenant Retention
Tenants will not forget how you respond to their maintenance requests. Whether it’s an emergency repair or a routine fix, they’ll be paying attention to how you receive the request, how quickly you respond to it, and what kind of work the vendors do when they come to your property.
Set up a system for tenants to easily and conveniently report their maintenance issues to you. They’ll need your contact information for emergencies for routine repairs, you might want them to submit a request in writing so you have everything well-documented.
Work with licensed and insured vendors who you trust to treat your tenants with care and respect. Always follow up with your tenants after the work has been completed. You want to know they’re satisfied. It also gives you an opportunity to proactively protect the condition of your investment.
Make Rental Increases Market-Driven
If you’ve provided a great rental experience for your tenants, and you’ve managed to keep your relationship positive and professional, there’s a good chance they’ll renew the lease agreement. They’re even more likely to stay in place when your rent doesn’t go up too much.
Most tenants will expect an increase. They’ll do a little checking to see what it would cost them to move somewhere else. You should feel comfortable raising the rent, but don’t raise it higher than what they’d pay elsewhere. A strategic rental increase is going to help you earn more rent without chasing away your best tenants.
These are just a few strategies we recommend. Tenant retention really comes down to giving your residents a good reason to stay in place.