An effective tenant retention strategy involves a mix of technology and an understanding of the primary requirements of modern tenants.
FREMONT, CA: Tenant retention is an essential aspect of the real estate business. Real estate firms and property managers constantly strive to boost tenant retention rates. Despite the efforts, property managers are finding it difficult to retain the tenants. It may be attributed to reasons such as a wide range of options in real estate with the advancement in technology, allowing the residents to explore new properties. Thus, property managers need to put in extra effort to keep the tenants in place for a longer period of time, thereby amplifying the value of investment returns. Here are some of the ways in which tenant retention rates can be improved.
Several studies reveal that property maintenance is a crucial aspect that impacts the tenant experience. Tenants are likely to search for a new residence in case of a slow maintenance response time. Alternately, an excellent maintenance service will discourage the tenants from moving to another property as they might suspect getting such service elsewhere. Proactive technology will be a crucial factor impacting the quality of maintenance services. For instance, the installation of IoT devices in the property will allow collecting data and notifying the property managers even before there is a maintenance issue.
Typically, the landlords and property managers eye properties as an asset for creating wealth. However, without a tenant, the property may become a liability. Thus, eyeing tenants as assets can make a huge difference in the rental management approach. Promptly responding to customer queries and returning phone calls can significantly enhance the tenant’s experience. A tenant-centric property management approach will make the tenants feel valued and will add to the cause of tenant retention.
Building Mutual Respect
As per law, property managers usually need to provide written notice before they can enter an apartment. However, an additional courtesy call will certainly boost the respect for the landlords in the eye of the tenants. Further, a call to confirm a visit schedule will also demonstrate a willingness to connect with the tenants on a personal level, thereby boosting the chances of tenant retention.
The above strategies will certainly boost tenant retention efforts. Further, property managers and landlords will have a better understanding of the needs of modern residents.
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