Quality residents are hard to come by. Some renters pay the rent on time and take care of your property. Other tenants may never pay rent, damage what you own, and leave you in a mess. Cleaning up after bad renters and losing rental income hurts your bottom line!
When you place the best tenants in your rentals, keeping them for more than one lease term helps investors maximize ROIs! Seattle property managers can help you achieve the goal of high tenant retention with these ten tips.
Strategies That Help Investors Keep the Best Tenants
What are some of the things property owners can do to keep more of their best tenants? Renewing renters means investors don't have to spend money on marketing efforts to find a new resident. Investors also don't lose rental income during renter turnover.
You know why it's critical to renew residents; here's how Seattle property management professionals can help you make it happen!
1. Focus on the Tenant Screening Process
Screen all applicants before offering or signing a new lease agreement. The better your screening process, the higher the odds a prospective renter will end up being a high-quality resident. When investors don't screen tenants, they roll the dice on placing a good (or bad) resident and the consequences that could follow.
2. Understand the Market
Understanding the market helps investors attract better renters. What do Seattle renters look for in a home? What do competitive properties offer that you don't? What are average rental prices?
Delivering quality rentals and reasonable monthly rental rates helps investors meet the demands of the market.
3. Recognize Smart Improvements
No rental unit is perfect. If you're losing renters at the end of every lease term, is it time for some property improvements? Talk to residents to find out what kind of updates would encourage them to stay for a lease term. If the upgrades make good sense for your bottom line, consider adding them to your rentals to improve retention.
4. Get To Know Residents
While it's important to maintain a professional relationship with your residents, getting to know them can help build positive, long-term relationships. The more you can learn about your tenants, the easier it will be to retain them for the long term. Learning about them can help you offer timely incentives at lease renewal and deliver a rental home where they want to continue feeling safe and happy.
5. Simplify the Rent Collection Process
If renters struggle to pay the rent on time, find ways to make it easier for them! An online system is the best way to help residents pay on time every month. Work with the best Seattle property managers to make the rent collection process easy. The easier it is for them to make payments on time, the less time investors have to spend chasing down past-due rent!
6. Understand That Tenants Need Privacy
Tenants need privacy. While you own the property, it's critical to follow the law when entering the premises for maintenance or inspections.
Residents make your property their home. Frequent drop-bys, calls, or digging too deep into their personal lives can leave renters feeling like they don't have enough privacy. Allow them to live independently (while following the lease rules) without being too far removed that they can't reach you when they need something.
7. Start the Lease Renewal Process Early
To retain tenants, waiting too late can leave you without enough time to encourage them to stay! Get the lease renewal in front of your tenants at least three to four months before the current lease expires. When they know your offer and option to renew the lease at a comfortable price point, they may be less likely to shop around.
8. Send Reminders When Rent is Due
Before penalizing late rent with fees, send reminders when payments are past due. Sometimes life gets in the way, and residents simply forget to pay the rent. Timely, professional reminders go a long way in building professional, long-term relationships with renters!
9. Make Communication a Priority
Know how to reach residents and keep in touch! Whether your renters prefer phone calls, e-mails, text messages, or other forms of communication, don't be a stranger. Keep them informed of your availability, check in to make sure the property meets expectations, and communicate clear details about anything that has to do with the rental or their lease.
10. Work With a Great Property Manager
You may not be sure how to apply the strategies we set out above. To retain more tenants, hire the best Seattle property managers to handle everything for you!
Seattle Property Managers Help Investors Keep Their Best Tenants
When investors keep quality residents for more than one lease term, they experience better ROIs. Seattle property managers understand how to manage rentals in a way that encourages your best residents to renew their leases! If you're struggling to find and keep good residents, let Real Property Associates help!
Check out our free ROI Calculator: A Step by Step Guide to Calculating the Return on Investment for Your Rental Property today!