The most successful rental property owners continue to find ways to increase their ROI. Tenant retention is a crucial component for this and can be difficult if you're not using strategies that work. In today's blog post, we'll discuss ten of the best tips Salt Lake City property management experts recommend to boost tenant retention and improve ROI!
1. Identify Potential Rental Property Improvements
The first place rental property owners should look is their properties. Is your rental unit up to date? Are the appliances clean and working well, or are they dated with rusting fixtures from poor upkeep?
If residents see that an owner isn't making improvements on a rental home, it tells them that they don't care enough to invest time or money into keeping tenants happy. Review your rental and make updates that attract (and keep) quality renters long-term!
2. Create An Easy Way to Pay the Rent
Tenants have a million things on their minds, and many of them don't think about paying rent until the day it's due. Salt Lake property management experts recommend offering an online rent collection system so tenants can set up automatic payments (or pay at the last minute)! You'll get your full rental fee every time while not having to worry about chasing down payments!
3. Make Tenant Screening a Priority
A rental property owner should always run a background check on new tenants before signing any paperwork or handing over keys. Property managers know that keeping good renters starts by finding and placing quality tenants first!
If someone has had multiple evictions from previous homes, shows signs of disregard for paying rent, or is unable to demonstrate their-paying ability through past landlord references, they aren't likely to stick around for more than one lease term—and you probably don't them to renew the lease anyway!
4. Send Past-Due Rent Reminders (Before Late Fees)
Even with an online payment system, a renter might still forget to pay the rent. Your tenant may be struggling financially and unable to pay the monthly fee but want to keep their housing. Property management companies know that reminders give them an opportunity to do this! Sending a gentle reminder of the due date (before assessing late fees) helps build a positive relationship with good renters.
5. Learn About the Salt Lake City Market
Property management experts know that Salt Lake City is a hot rental market. Competing for the best renters means knowing the market and delivering what renters look for in a home, including competitive prices. Work with a property manager to review rental market analysis that can help keep your rentals in demand.
6. Build Good Relationships With Tenants
Good real estate investors can improve retention by getting to know their tenants. While we're not suggesting building friendships with residents, you'll find that when your residents feel connected with an excellent landlord, they're more likely to renew leases (and recommend friends as future renters)!
7. Respect Tenant Privacy
Salt Lake City property management experts know that renters value their privacy. They don't want landlords coming to the door unannounced or peeking in windows during home inspections, and it's crucial for rental owners to respect this—even when they suspect a tenant is breaking the rules!
Being respectful toward tenants will keep them happy while protecting against lawsuits from those who might not appreciate an invasion of personal space or intrusion into private matters.
8. Communicate Well
Some rental owners fail to communicate with their tenants, giving them no opportunity for feedback. This can lead to problems like unresolved maintenance issues and dissatisfaction among renters who feel they aren't heard!
A good property manager knows how important it is to stay in touch with both current and previous (if applicable) residents—it could be the difference between leasing a home or losing out on future income!
9. Plan Early for Renewals
Boosting retention requires planning ahead for lease renewals. That means having an idea of which tenants are likely to stay and work with them ahead of time so they can come up with a solid game plan for the next rental term!
By doing this, you'll have peace of mind that your properties will remain full without any gaps in renters while maximizing your return on investment.
10. Hire a Property Manager
Tenants appreciate Salt Lake City property managers who take care of everything for them, including prompt responses to maintenance requests. With expert property management services, tenants and properties are well-cared-for!
Retain More Tenants With An Expert Salt Lake City Property Management Company
If you want to maximize your ROI, it's important to have a strategy in place for retaining tenants and maintaining their satisfaction. Implementing these ten expert tips will help ensure each tenant feels like they're getting what they need from a landlord or management company while boosting your return on investment.
Don't worry! We've got this covered if you need some assistance. Partner with Reeder Asset Management for your property management needs, including managing the day-to-day operations of your rentals to marketing and retention efforts that maximize your returns!