As a landlord, vacancies in your rentals are never a good thing. Not only do vacant properties pose a greater crime and vandalism risk, but they cost you money. This is why it’s so important to focus your efforts on retaining your best residents for as long as possible. At Shield Property Management, our professionals can implement strategies and techniques to improve your resident retention rate. See our top five tips below.
- Be Responsive to Issues
When residents feel their concerns are not being addressed or taken seriously, they’re likely to look elsewhere for housing. Make sure your rental office staff is always following up with resident emails and phone calls as soon as possible.
- Keep Residents Informed
State inspection coming up? Planning maintenance in one of your buildings? Posting flyers in community areas and sending out emails to residents are great ways to keep them in-the-loop, which will be much appreciated.
- Embrace Technology
Today’s renters are overwhelmingly from the Millennial generation—and they appreciate convenience. If you’re still collecting rent checks by going door-to-door, it may be time to implement an online payment system or other option.
- Provide Incentives
Offering current residents incentives for renewing their leases, such as a small discount on rent or a gift card, can make all the difference in keeping them around.
- Keep Up Appearances
Overall, your residents just want to live somewhere that’s safe, suits their lifestyle, and makes them happy. Make sure your rentals are well taken care of and that common areas are maintained; showing a sense of pride in your community will keep your residents happy.
Looking for assistance in carrying out any of these resident retention strategies? Our professionals are here to help. Contact our team at Shield Property Management today to find out more about what we can do for you!Contact us