As a Shelbyville rental property owner, you already know that the key to long-lasting occupancy lies with your ability to retain the best tenants. To make sure you keep your renters through the winter months and beyond, today, we’ll share some of the latest tenant retention strategies others are using. It’s about building professional relationships with your renters, which may require a few of these best practices.
1. Keep Your Promises & Handle Those Requests
Be transparent about your process for handling repairs or maintenance requests. Then stick to your word. You can’t always predict when a plumber is available. But you can promise and deliver on a follow-up phone call to your tenant, documenting the timeline to service. After you’ve effectively handled a request, you should consider following up again to ensure your tenants are satisfied with the process and results.
2. Know What Makes Them Happy & Deliver
Take the time to investigate what makes a tenant a happy tenant. Because discomfort is the number one reason people leave, look for ways to ensure comfort ongoing. This might mean checking in with them periodically just to see how things are going. Ask them about what upgrades they’d like to see most next year and then seek to deliver what they value. Maybe it’s a smart thermostat or digital home upgrade. Or it could be they want a door camera or increased security measures. Of course, you won’t be able to grant every wish on their lists. However, these satisfaction-driven upgrades are great tenant retention strategies.
3. Get Generous with Your Best Tenants
You don’t always have to offer rent bonuses or discounts but consider implementing positive reinforcements for your best renters. Some Shelbyville rental property owners give out gift cards for timely rent payments over a period of time. Maybe you can offer a Door Dash dinner or Starbucks drive-thru card as a thank you gesture. Take the extra time to give a little back this holiday season, and your tenants will truly appreciate the sentiments.
4. Be Accessible to Your Tenants
Renters will get frustrated if they feel they can’t reach you or that their voices aren’t being heard. One of the best retention strategies involves making yourself accessible. It doesn’t mean that you have to offer 24/7 cell phone availability. What works for many rental property owners is separating various communication channels based on priority. For example, have a more responsive timeline for requests that get called in for repairs. You might then decide to promote an email address as the best place to make property suggestions. And creating tenant community sharing channels is equally great for multi-family units where neighbors often chat together about improvement ideas or concerns.
5. Flexibility and Customization Are Key
Remembering that your tenants are actual people, with lives and work and families, can help you keep a realistic perspective when managing them. Yes, every Shelbyville rental property owner should have rules and guidelines as part of the lease agreement. But don’t be afraid to offer flexible solutions when you need to, including addressing payment hardships or tenant issues. For example, if one of your best renters asks for a payment plan option for the next three months to get through the holidays, you might be inclined to agree. Know how to protect your investment before making these accommodations, but remember, it’s going to cost more to have a vacancy than it is for you to exercise a little empathy for the right tenants.
For more of the latest ideas on how to retain your best Shelbyville tenants, let PMI Louisville help! We can ensure all the best retention strategies are in place now and keep evolving as needs change over time.
