Imagine your investment properties sitting vacant, collecting dust. How much money would you lose in a month? If you own multiple properties in Hammond, IN, it could equate to thousands.
The rental vacancy rate in America is now 6.4%. Instead of watching your vacancy rate increase, develop tenant retention programs. Keep the great renters you already have to boost your occupancy rate.
Not sure where to start? Read on for the four tips you need to improve tenant satisfaction and retain renters.
1. Invest in Tenant Screening
You won't want to keep your existing tenants if they create trouble. Develop a tenant screening process. Gather comprehensive reports to fully vet each applicant.
These reports should include:
- Eviction histories
- Criminal background checks
- References
- Credit scores
- Employment verification
Avoid renters who have a history of evictions or late rent payments. Follow local landlord-tenant laws when screening applicants.
You can outsource this process to a property management company. Their services will save you time and money. You can find trustworthy renters you'll want to keep long-term.
2. Prioritize Tenant Communication
Show tenants that you care about their needs and concerns. Foster strong tenant-landlord relations the moment they move in. Let them know you're available to answer questions or provide help.
Streamline tenant communication by providing them with access to an online portal. Tenants can use the portal to:
- Automate rent payments
- Submit maintenance requests
- Ask questions
Respond promptly to any messages you receive. Otherwise, tenants may feel abandoned.
Provide renters with a 90-day notice before their lease ends. Outline your lease renewal options. Remain willing to negotiate to find a solution for all parties.
3. Simplify Processes
Simplifying processes can improve tenant satisfaction rates. Happy tenants will consider a lease renewal knowing they can depend on you.
Make it easy for tenants to submit maintenance requests. Simplify the lease renewal process as well. You can use your online tenant portal to share documents and accept signatures.
If you're stretched thin, hire a property management company. They can use proven strategies to improve efficiency. They'll simplify everything from rent collection to maintenance and inspections.
Tenants can reach out to your property manager if they need help. This can minimize delays, improving tenant satisfaction rates.
4. Develop a Referral Program
Maximize your profitability and occupancy rate by developing a referral program. Incentive your current renters to help you attract new residents. Incentives can include:
- Gift cards
- Monetary gifts
- Discounts on rent
These incentives will encourage them to rave about living in your rental property. Ask tenants to share their positive reviews online. Reading positive reviews could encourage future residents to apply.
In fact, 93% of people read reviews of local businesses to determine their quality. About 92% trust peer recommendations. If you're generating negative reviews, you'll lose credibility.
Your existing tenants will take pride in living in your community. They'll want to demonstrate that pride by staying.
Develop Successful Tenant Retention Programs
Strong tenant retention programs can boost your occupancy rate and ROI. Use these strategies to increase lease renewals. Otherwise, outsource to a property management company.
Our team at PMI NWI has 20 years of real estate management experience. Rely on our expertise and proven strategies.
Discover what makes us the fastest-growing property management company in the US. Contact us today to meet your property manager.
