Tenant Retention

Posted by on Jul 19, 2016 in Blog - Commercial Investment Properties | 0 comments

Tenant Retention

Let’s face it – good tenants are hard to keep and the bad ones, well… Everybody has their own horror story of those bad tenants that just love to stick around. So how can landlords and property managers find the right tenants to fill vacancies and more importantly: how do they get them to stay? Property owners and managers may know how to weed out bad tenants, they may even know how to market towards desirable tenants, but finding them is only half the battle. Keeping your tenants happy is one of the most vital aspects of property management and the key to reducing tenant turnover. There are several methods and strategies that both commercial and residential property managers and landlords can adopt to entice tenants to commit to long-term leases or to renew. These tips may seem simple, but they are easy to forget when things get hectic.

  • Communication – Transparency and open communication goes a long way with tenants. Whether its communicating over the phone, in person or in writing never make a tenant feel like they are not being heard. Ignoring complaints and work orders can quickly cause a breakdown in the landlord/tenant relationship. Be sure to reply promptly to any tenant contact.
  • Timeliness – Don’t lag on work orders and maintenance requests. Even seemingly small matters will mean a lot more to the tenant when it comes time to renew a lease. Also, Stay on top of regularly scheduled maintenance around the property. A tenant is likely to renew in the future if basic facilities cannot be maintained.
  • Community – Perhaps the most important to consider as a property manager or owner when measuring tenant retention. It may seem like it applies only to those on the multifamily side, but tenants in commercial and industrial properties require a healthy community to commit to a location long-term. Just as tenants in an apartment complex want a safe, open environment to reside in, commercial tenants need workplace they can feel comfortable in. This not only means getting along with other tenants, but also the amenities offered by the property.

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