A tenant retention plan is absolutely essential as it is should be an integral component of a property’s long term plan. Even though it is critically important, nobody actually acts upon it. When a property manager or landlord is questioned they are quick to respond that they do have a tenant retention plan in place.
Tenants need to be satisfied in order to be retained. It is a must to have a positive management attitude and a strategic approach in keeping the tenants from leaving. There are multiple promotions, ideas and gimmicks that can be offered in order to enhance the tenant retention efforts.
Owners are looking to sustain tenant occupancy by initiating a renovation program and a penned down action plan with goals. A tenant retention plan must be put in place according to the budget in hand; in essence it should be economical. Property owners should use all necessary tools in order to keep the turnover rate low. When a tenant is happy it is only then that they will refer the apartments to other potential renters.
Each time a tenant does not renew their lease and moves out; the property owner is at the losing end. Not only does he or she lose the rental income until new tenants are found but also incurs expenses on repairs. For this reason it is more cost effective to implement a tenant retention program than it is to loose your current tenants.
As a property owner it is a good thing to review leases that will be expiring in as close to three months and get your maintenance personnel to check with the tenants if they need any repairs done on the unit. This is smart strategy and gets your tenants in just the right mood of wanting to stay on and have the lease renewed.
Put yourself in your tenant’s shoes and think for a moment, you wouldn’t want to live in a unit that is falling apart, would you? Very often property owners pay little or no attention to the maintenance of the unit much to the dismay of the tenants.
Keeping in view a tenant retention plan, a real estate investor can come up with a “thank-you” program by offering gifts that a tenant can choose from if they are willing to renew the lease. Boost your image by sending a lease renewal thirty days before the actual renewal the tenant will be impressed to stay on bearing in mind that you also had the unit repaired or painted. A reward always works in your favor.
For landlords to overcome these challenges then they need to focus on retaining the good quality tenants that they have today. For advice on how to retain existing tenants visit landlord success guide [http://www.landlordsuccessguide.com] that shows you how to do this. For other advice on real estate investing and property management visit our website.Share on Facebook