4 Proven Tenant Retention Strategies
In the bustling Seattle area, like others across the country, both long-term and short-term residents are searching for the best place to live. With tenants receiving frequent offers to relocate, and a numerous newly-built apartment complexes, area landlords need to be smart when it comes to tenant retention. North Pacific Property Management has honed four renter-retaining policies that have proven highly popular with renters:
1. The first tip is preemptive. Property managers should ensure that they disclose the entire contract before the lease is signed. If additional stipulations and requirements begin to seep out of the woodwork a month into the lease, it undoubtedly gives the renter cause to be disgruntled.
2. Secondly, landlords must respond promptly to contacts from their renters. If a maintenance issue arises or a complaint is filed, be sure to respond accordingly within a short amount of time. North Pacific Property Management recommends that landlords respond within 24 hours of the contact.
3. Focus on adequate and continual maintenance of the property.
4. Offer perks for lease-renewal. Providing incentives for renewed leases is a fantastic way to keep renters around. The most popular and preferred incentives are a decrease in the rental rate, gym memberships, and free covered parking.
The most important quality any manager wants to see in a renter is loyalty, and landlords should seek to build that loyalty at every turn.
At the end of the day, a good landlords renters will want to stick around.
North Pacific Property Management is a Seattle and Bellevue based company that manages everything from large apartment buildings to single properties with goals and processes that work toward maximum efficiency, minimal vacancies, and the highest profitability.
American Apartment Owners Association offers discounts on products and services for all your property management needs. Find out more at www.joinaaoa.org.
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