In the single family rental market, renewals often make more sense than new lease trade-outs. For property management companies, there are inevitable costs associated with turnover and finding a new tenant. Luckily, with a few strategic moves, tenant retention can be simple.
Everyone loves perks, so offer tenants something special to celebrate renewals. Such incentives don’t have to come at the expense of your company. Consider gifting upgrades that also benefit a home’s value. Flooring improvements, a one-time cleaning service, lawn services, fresh wall paint and new appliances are all incentives that can excite tenants and enhance a rental.
For a more personal touch, align incentives with tenant interests. Do your renters have children? Amusement park season passes or movie theater gift cards can be welcomed gifts that help tenants feel appreciated. Do your renters work around the clock? Coffee shop vouchers or a new tablet computer can resonate with the needs of on-the-go tenants.
Ongoing incentives can be a proactive and equally influential tool. Partner with a variety of nearby businesses to offer regular and significant discounts.
Create a community
Even single family rentals can foster a sense of community. A strong relationship between a renter and their property management company has the power to make the renewal process quick and seamless.
Helping renters feel at home begins and ends with engagement. Communicate information efficiently and through a tenant’s preferred channels. When a tenant initiates a dialogue, respond in a timely manner to help them feel heard. Quick and meaningful responses are an easy way to build trust.
An established maintenance crew can also contribute to building repertoire with tenants. Consider featuring your maintenance team on the property website, or having a maintenance employee onsite during move-ins.
Property management companies with multiple single family homes can also generate a community among tenants. Lease out a fun space for quarterly events that prompt mingling. Game nights, sports fantasy leagues, raffles and catered meals can engage and connect tenants.
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