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

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5 Ways to Improve Rental Tenant Retention

by Jeff LichtensteinBroker 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.

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      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.

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