Improving the quality of the tenant profile within your building is essential to successful building operations. Quality tenants make your job easier as the building owner. But they also make the property manager and the accounting department’s job easier. There are no rent payments to chase or additional maintenance work to complete. There will also be fewer complaints from the other building tenants.
These dream tenants can be hard to find but even harder to keep. In helping you maintain the ultimate tenant experience, this post will explain the five keys to tenant retention.
Ask for Feedbck
Consistent and reliable communication is one of the cornerstones of healthy tenant-building-owner relationships.
Make sure you ask for feedback regarding your building and the changes you undertake. Ask your property manager to reach out via phone to speak with tenants directly about their experiences in the building and any improvements they might make. This process is your chance to hear how day-to-day life is for those within the property.
Immediately Address Building Concerns
After the feedback, respond quickly to any concerns your tenants raise. Explain this response and how it connects to their feedback. Your tenants will appreciate your clear communication and fast action in response to their concerns.
Give Notice Regarding Building Work and Visits
Make sure you respect the privacy of your high-quality tenants and how they choose to use the property. One of the most common mistakes property owners make, which causes good tenants to lose trust, is they arrive unannounced at the building. The tenant might be unable to meet with you. Or they may be expecting visitors to their home and become resentful if you force them to break their social plans.
The foundation of a strong bond with tenants is to respect their time and their privacy. Give them advanced notice of all building updates and visits so they can plan their day accordingly.
Make Proactive Renewal a Priority
You cannot expect tenants to keep track of their lease agreement date and the process for renewal. Often, landlords wait too long to advise tenants of the lease renewal process. If you waste time, you may find high-quality tenants have already found a new rental and are planning to move out of your property. Begin the lease renewal process several months in advance and coordinate the steps with your management team.
Another benefit of the advanced notice is that they may give you an indication of their plans to move. In this case, you have more time to find a new tenant for the property, giving you more opportunities to qualify new tenants. You also have more time to try and change their mind and earn their business.
This proactive approach gives you far more flexibility in your tenant relationship while respecting the tenant and their time. Uncover further information about property management strategies and the benefits of proactive management services with our recent post.
Present Longer Lease Terms
Stability is often the deciding factor for tenants deciding between two buildings. If you have an existing relationship with the tenant and know they fit the quality profile you want for the building, you can offer them a longer-term lease.
Signing quality tenants to longer leases also gives you more time to focus on qualifying other tenants and enhancing the quality of life within your building.
Property Management Companies Give You the Edge in Tenant Retention
Hands-on property management keeps you ahead of tenant concerns and allows you to find and retain the highest quality tenants for your building. The right property management companies will handle all the tenant retention work for you – from drafting communications regarding lease agreements to planning the lease renewal process.
It’s a crucial area for the long-term success and growth of your building portfolio. Ready to speak with a Pacific Quorum expert about our approach to tenant qualification and retention? Book your free property management proposal today. We have licensed, experienced property managers standing-by ready to assist you.
