Let’s be real—property management is not a piece of cake. You have to deal with tenants with different temperaments, different cultures, and different needs. But if you’ve been losing tenants lately, you might have to assess the areas where you can improve. If you’re tired of the constant tenant turnovers, don’t worry because today, I will share three effective strategies that you can apply to reduce tenant turnovers:
The first step is to maintain communication with your residents. This means that you have to make sure that you respond to their concerns quickly. You will also need to adjust to different communication styles and preferences because some tenants prefer emails, while others prefer communicating via text message or through phone calls.
Second, it is crucial to maintain the building’s maintenance and ensure that everything is working properly. If tenants make maintenance requests, it is best to have that addressed right away. Scheduling regular or annual maintenance is also beneficial. Otherwise, residents will feel that you don’t care and will likely want to leave as soon as their contract is finished. On the other hand, ensuring timely maintenance will help make your tenants want to renew their lease year after year.
Lastly, try to deal with your residents with empathy. This doesn’t mean allowing constant late rentals, but if they have always been on time with their payments and have always communicated with you regularly and suddenly be in a position where they can’t pay rent on time, it is best to approach your tenants at their level and try to understand their situation and where they’re coming from. By working things out, you and your tenant will benefit from the situation.
By making the effort to meet the needs of your residents, you are able to reduce tenant turnover, which in turn will enable you to save money and energy in the long run. These three foolproof tips are just some of the best strategies that we at Tide Property Management apply in our day-to-day operations. So, if you have any questions, please don’t hesitate to call or email us. Our team would be more than happy to talk to you.
