5 Ways to Improve Rental Tenant Retention | Echo Fine Properties by Jeff Lichtenstein - Echo Fine Properties Artboard 1? alert-icon? Artboard 1? ? ? delete-icon? edit-icon? email-icon hide-hover-icon? Artboard 1? login-icon-white Artboard 1? next-icon-left next-icon-right-left next-icon-left-ochre next-icon next-icon-right-grey next-icon-right-ochre plus-with-circle-iconP search-fw-icon? search-icon-ochre search-icon-white
Home of Home ECHOnomics

561.500.ECHO 561.500.3246 LOG IN / CREATE AN ACCOUNT

Quick Search
Communities
    Listings
      View All Listings
      Cities
        MLS IDs
          Agents
            County
              Zip Codes
                3 MAR

                5 Ways to Improve Rental Tenant Retention | Echo Fine Properties by Jeff Lichtenstein

                5 Ways to Improve Rental Tenant Retention

                by Jeff Lichtenstein – Broker and Owner of Echo Fine Properties

                Losing your tenant in a rental is devastating because of both the potential financial loss, and the extra work that goes into finding a replacement. Putting a home back on the market risks having your home on the open market at least 30 days and oftentimes more.  It can be a 10-30% loss in revenue not to keep a tenant. The best rental retention methods that we have found on the brokerage level are….

                      1. Write Negotiation into The Lease

                You can write in a typical 3% escalator on the price for year two.  This is by far the most important thing.  People don’t like to move and deal with the cost of moving.  If the negotiation and thought process are settled in the original lease, most won’t ever get that far.

                      2. Handle the little things

                Make it easy on your tenant. Take care of the little things for them. From bug service to pool service.  The more they don’t have to handle things like the aggravating details the better. A good experience is key to tenant retention strategy.

                Find Rental Homes in Palm Beach County, Florida

                      3. Good Vendors

                Renters often don’t renew because of problems.  Not having a reliable pool company caused aggravation for a tenant in one recent case. That can escalate… to just simply wanting out. A good strategy to limit tenant turnover is to have excellent vendors who you have approved who will ensure quality responses for your tenants.

                      4. Fast Response

                Be responsive to you tenant and their needs.  Return calls quickly.  If you don’t want to do it yourself then hire an agent who will do the rental management for you.

                      5. Scheduled Check-In

                Schedule a date once a month for a day to check up with them. Put it in your calendar. This will prevent problems and built up anger from ever happening. Good communication typically under-covers the underlying issues tenants have and can save you a lot of money with your rentals.

                 

                In summary, retaining tenants can save you a lot of money with your rentals. Following these tips will surely help you with your rental business and give you the best return on your investment.

                Posted in Uncategorized on March 3, 2020 at 3:33 am.

                SHARE

                Echo Home Match

                We will match you with the perfect

                community to fit your needs.

                Start Matching

                Celebrity Homes

                from Beverley Hills
                to Palm Beach

                Never-before-seen-photos of your
                favorite celebrity homes


                View More Celebrity Homes

                Related Posts

                Read More
                Weekly Real Estate Jokes & Trivia!

                August 19, 2022

                In Uncategorized

                Read More
                Weekly Real Estate Jokes & Trivia!

                August 5, 2022

                In Uncategorized

                Read More
                Weekly Real Estate Jokes & Trivia!

                July 28, 2022

                In Uncategorized

                Leave a Reply

                Your email address will not be published. Required fields are marked *

                Your name and email address are required. Your personal information is strictly confidential and will not be shared with any outside organizations.

                Ask Questions

                Your Soulmate in Real Estate™

                Looking for a Perfect Community to live?

                Take our step by step quiz to find a best matching community for you*.

                * Patent Pending

                Popular Searches

                Single family 120
                Condos 47
                Townhomes 12
                Last 24hrs 4
                Ski In/Out 7
                Riverfront 3
                Mountain view 8