Do you own a portfolio of single-family rental properties in Detroit and are concerned about tenant retention? If so, you’ve come to the right place!
In this article, we will share with you several tips you can use to improve tenant retention in your single-family rental properties.
Tip #1 – Create A Strong Relationship with Your Tenants
The first way to improve tenant retention is to create a strong relationship with your tenants.
This should be done from the first day that they start renting from you. Your tenants should feel confident that they can contact you regarding issues at their rental properties, any day or hour that they need to, and know that you will respond.
You can also build a strong relationship with your tenants by following up with them on a quarterly basis to make sure that they are satisfied with the rental property and don’t have any new issues to report.
Last of all, you can also build a relationship with your tenants by having seasonal events, like a summer BBQ or a winter dinner, that way you can get to know them on a personal level and make them feel more comfortable communicating with you anytime they need your help or assistance.
Tip #2 – Offer Incentives for Lease Renewals
If your tenants like to wait until the last minute to renew their leases, you can speed up the lease renewal process by offering them incentives for renewing early.
Some popular incentives include gift cards, a new tablet computer or other incentives which may show that you care and value their business.
Besides offering incentives you should also make a priority to regularly upgrade your rental properties as well because no tenant likes to live in a property that looks or feels rundown.
Tip #3 – Keep Your Promises to Your Tenants
Although this tip might sound easy, it’s actually more difficult for some landlords than they will admit because, it’s easy for a landlord to get distracted and forget what they promised a tenant, especially if they are managing multiple rental properties themselves.
To avoid getting overburdened with the work that can come with managing your single-family rentals yourself, it’s best to hire a property management company.