Keeping the ‘good’ tenants is always a great investment for any landlord or property management company. As tenant turnover can cause anywhere between $3000-$5000 in rent loss, it’s in your best interest to keep the ones who keep their unit clean, pay their rent on time, and get along well with their neighbors and your company. Here are five incentives you can implement to help keep those ‘good’ tenants!
1) Communication is key: The best way to show your tenants you care is to keep in contact with them. Monthly newsletters are a great way to keep tenants in the loop, and an occasional tenant survey lets tenants voice their opinions on your services.
2) Be a good landlord: It may get taken for granted, but a well-maintained property really makes tenants happy, making it more likely for the ‘good’ ones to stay. Making sure you give your tenants timely responses to their maintenance requests and renovating units when needed are great practices to ensure your tenants stay with your company!
3) Offer a rewards program: People love to feel appreciated. Offering rent credit, cleaning services, or gift cards for every year tenants are on time with their payments shows you appreciate them.
4) Give your tenants a community to feel involved with: Throwing a mixer that integrates tenants and property managers is a great way to make people feel involved.
5) Referral program: If you have a ‘good’ tenant, it’s likely that the people they know will be good tenants as well! Offering referral incentives provides you with valuable choices to fill current vacancies, and referral rewards gives current tenants a great reason to stay.