Retaining good residential tenants is critical for property managers. Not only does it ensure a continuous source of investment, but also it saves the cost of marketing to find another tenant. They also save you from a series of other issues like lost rent, cleaning the property, changing the locks, repainting walls, replacing carpets, making minor repairs, going through the tenant screening process all over again, etc. As a matter of fact, it is three times more expensive to find a new tenant than renew the lease with an existing client. So, you should do everything in your power to retain them.Here are five renter retention strategies that integrate technology into the mix.
1. Offer Renewal Incentives
If you have a renewal lease coming up from a great tenant, you can contact them beforehand and offer a renewal incentive. It removes the doubt from their minds and swings the vote in your favor. A few ideas for tried-and-tested renewal incentives are free parking, rent discounts, cash bonuses, etc. Alternatively, you can also gift your tenants with different wall colors, new flooring, etc., to make them feel more at home.
2. Set up a reward and coupon system
You can set up a resident rewards system, which rewards tenants for their excellent behavior. For example, keep a points system where a tenant can get 100 points for paying rent on time. Tenants can collect another 500 points for referring another tenant. Such reward points can be redeemed for property upgrades, movie tickets, restaurant coupons, etc.
3. Implement Fair Housing and Community Practices
Stay fair with your housing rules and policies so your tenants are comfortable. Keep your rental price reasonable and at par with other properties in the neighborhood. It doesn’t take a genius to figure out that no tenant will stay with you if you charge outrageously high rents. Be consistent in your rental application screening; you can perform tenant screening via TheHouseMonk to expedite the screening process and provide a seamless tenant experience. Ensure you maintain consistency in your criteria to avoid inconsistencies. Post your guidelines on a website or an app for all potential tenants to view.
4. Provide a unique tenant experience
Tech-savvy millennials are looking for a digital experience with every product and service they use. These tenants appreciate all their interactions and tenant-related tasks being done remotely. The increasing demand for a unique digital tenant experience means property management companies should integrate technologies that allow tenants to take virtual tours of the property, book a property in a hassle-free manner, and streamline maintenance activities. By providing such user-friendly features through a unique renters software like TheHouseMonk, property managers can completely transform the experience that tenants have been getting in the industry.
5. Help your tenants get to know their neighbors.
Getting familiar with the community you live in is vital for anyone to stay in one place. If you can help your tenants in any way to get familiar with the community and neighborhood they live in, it can be an excellent incentive for them to stay at that place for a longer period. It essentially provides them with a sense of togetherness, connection, and comfort that increases the chances of tenants renewing the rental contract. Relevant Resource: Property Managers: How To Grow Your Rental Portfolio
Next-gen tenants are tech-savvy and would appreciate a seamless digital experience. They would be more than happy to renew their lease if the management is fair, courteous, and offers practical incentives. How do you give them that? TheHouseMonktenants app is your ideal solution for rental property management that provides a unique tenant experience.
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