Did you know that losing tenants significantly increases your turnover rate?
As a real estate investor or a landlord in the Saratoga Springs, NY area, you know that finding compatible and reliable tenants is challenging. This is why retention is essential.
When tenants leave, vacancies happen and your business will lose money. Tenant selection and screening can be a tedious process.
What are some tips to help keep great tenants in your investment property? Continue reading!
Handle Concerns in a Timely Manner
One of the best ways to demonstrate your care and appreciation to great tenants is to handle their concerns or issues in a timely manner. Issues could be maintenance-related or could be a complaint such as noise levels.
If a maintenance problem occurs, ensure that the tenant knows it will be fixed as soon as possible. Call a technician if necessary and keep the tenant up to date about the timeline.
When you go the extra mile to handle tenant concerns, this leaves a lasting impression. Your tenants will begin to develop a loyalty to your business. They know that you will do what is necessary to give them the best possible experience.
Compassion and Friendliness Go a Long Way
Being friendly and compassionate to tenants builds rapport and a sense of trust.
Tenants want to have good relationships with their landlords! Friendly relationships only increase the experience.
Your friendliness and kindness can make tenants feel welcomed and valued. You can leave an impeccable impression by smiling or asking if your tenants need anything.
Offer Incentives to Your Tenants
Your tenants did not have to select your investment property, but they did. Understandably, they want to feel appreciated for their business.
One of the best ways to retain attractive tenants is to offer incentives and show your gratitude. From giving extra pool passes to welcome packages with household items, the small things make a big difference.
You can take incentivization even further. During lease renewal periods, you can offer extended contracts with a financial incentive.
How you incentivize is completely at your discretion, but incentives can make great tenants more inclined to stay.
Create a Sense of Community
Tenants are more likely to stay at a rental property if they become engaged with neighbors and form friendships. A sense of community is essential to the human psyche.
Individuals want to socialize and feel belonging. As a landlord, you can help provide this. Plan tenant events such as weekend barbecues, card nights, or even community outreach events.
Explore VenoProperties Saratoga Springs Property Management
Not only can property management help create a better experience for you as a real estate investor but can create a more compelling experience for your tenants.
With a professional property management service, your tenant's concerns and issues can be handled swiftly. At Veno Properties, we understand the importance of great tenants and their value to your business.
This is why our dedicated team of property managers exuberate professionalism and friendliness. When you hire us, we become a representative of you.
To learn more about us and our services in the Saratoga Springs area, please contact a member of our team today.