Have great tenants that always pay rent on time? Keep them! A tenant retention plan doesn’t have to be elaborate. In fact, we are strong proponents that the little gestures go a long way. While life happens and people move on, these tips are sure to keep your tenants happy and wanting to stay:
Communication is key.
- Let your tenants know their concerns matter. Address maintenance issues as soon as possible, and if there is a hold up, communicate it. Give them a reasonable time frame of when their issues will be addressed, and let them know that you are on top of it. Bonus points if you follow up after the issue was addressed to see how it went.
Demonstrate small acts of appreciation.
- Send your tenants a holiday card during Christmas time, bring them doughnuts on National Doughnut Day, or simply randomly swing by with cookies. These small, inexpensive gestures will mean a lot and make tenants feel more at home.
Offer incentives for a lease renewal.
- These incentives don’t have to be big or expensive. Add some smart home features, pay for a month or two of utilities, or even offer a gift card. In our experience, even when small, incentives can be powerful.
For additional investor insights, visit our Investor Resources Page.
Related: Home Search Technology Usage by Generation, 15 Surprising Landlord and Tenant Relationship Statistics