Looking to retain tenants? Take these keys to improving retention!
Whether you have commercial or residential tenants, it pays to retain them. It can cost multiple times the amount to replace a tenant than to keep a good one. Of course, while you cannot expect all tenants to stay forever, you can improve tenant retention and tenant happiness.
Have Reasonable Expectations
You cannot expect to be able to keep all tenants forever. People might move to be with family, move for a job, move to a large abode, or save up to buy a house. You are ultimately providing a great place for tenants to stay in their current season of life. This is the starting point for understanding how to improve tenant retention.
Keys to Improve Tenant Retention
Keep the Monthly Rent Rate Consistent
One way to approach setting the payments is to change it according to the market rate. However, your tenants will likely appreciate it if you do not change pricing frequently, especially since incomes do not change according to inflation and market rates.
Take Tenants Seriously
If a tenant has a request, a concern, or a complaint, take them seriously! Listen to what they have to say and address them in a timely manner with understanding and charity. Your tenants will be happy to have a landlord who listens and responds.
Be Lenient with Requests
It can be unnerving to have a landlord who is stringent on rules and regulations. While it is necessary to be strict on holding a proper standard for tenant behavior, some things call for some leeway. Such things could include the options to paint the walls, have open flame candles, or adjustments for health problems.
Maintain the Building Well
No one wants to live in a house or work in a building that is crumbling. Take care of your tenants’ health, morale, and overall wellbeing by taking care of the building.Â
Use Retention Incentives
Retention incentives are discounts or benefits you can give tenants when they have stayed at the same location for a given time, such as two years. The tenant would have to agree to not move for a set time period to receive the benefits.
Conduct Business Professionally
Before you even get to the point of figuring out how to retain tenants, do you have all the logistics in place to conduct business professionally? Do you have the means to secure exceptional tenants and avoid bad ones? Clagett Enterprises can help you have everything in place to be a great landlord.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.