👋 Join us for a special webinar Thursday, January 11th
Learn More

15 Tips for Retaining the Best Tenants

ethan-lieber-latchel-ceo
Ethan Lieber
•
July 18, 2018
15 Tips for Retaining the Best Tenants

Advice online abounds on how to attract and retain the best tenants. We’ve compiled the best advice from across the internet so you don’t have to.

15 Tips for Retaining the Best Tenants

1. Keep Up On Maintenance

The number 1 reason tenants choose to leave is property managers slow response to maintenance requests. One bad maintenance experience can motivate a tenant to start shopping for other places to live.

2. Be Easy to Reach and Responsive

You may not want to make yourself easy to reach 24/7, but make sure communication is timely. The First Time Landlord reports that if a tenant learns that you won’t respond to them, they give up hope and tell you nothing. You may think you have great tenants because they never contact you–it probably means there are festering problems you are blind to.

3. Keep Your Units Up To Date

Are your appliances on their last legs? Do they belong on a 90s sitcom set? Updating your appliances and fixtures to  modern standards will go a long way to keeping good tenants in place.

4. Offer Renewal Upgrades and Incentives

What’s better than retaining a good tenant, increasing the rent, and upgrading your property’s value all at the same time? Offer your tenants to select from a menu of upgrade items such as updating light fixtures, adding tile or new floors to a small space, or repainting the walls. Even offering a carpet cleaning will go a long way to fostering goodwill (and increase the carpet’s lifespan).

5. Respond Quickly to Noise/Crime Complaints

If your tenant is complaining about noisy neighbors, those neighbors may be affecting far more people who aren’t speaking up. Also, renters who do not respect their neighbors enough to be quiet late at night probably don’t respect your property, either.

6. Give Tenants Advance Notice of Potential Problems

If you are replacing a roof or the city is redoing the streets, you should let your tenants know in advance. The mutual respect and considering will go a long way to forming a good relationship.

 Allow pets or not? Either way, make sure you're enforcing your rules Allow pets or not? Either way, make sure you’re enforcing your rules

7. Enforce Your Rules Fairly and Uniformly

If tenants have assigned parking, be vigilant about them staying in their assigned spaces. If you allow pets, make sure the tenants are cleaning up after them. If you have smoking or noise rules, enforce them. Good tenants want to live somewhere that feels safe and welcoming. Arbitrary or non-existent enforcement makes it clear no one is paying attention.

8. Build Flexible Leases

Make it easier for a tenant to move between units within a building or even within your portfolio than moving out. If it is cheaper and easier to move out, they will!

9. Have Routine Inspections

Tenants may put up with issues such as a slow drain and not complain to you. That doesn’t mean they’re happy. You can’t rely only on tenant maintenance to know the state of your properties. Use both annual inspections and self-service inspection forms for your tenants.

10. Build a Personal Relationship

A welcome packet on move-in is a great start. So is a card or note for major holidays and birthdays. It creates a sense of community and makes tenants less likely to move-out.

 Who wouldn't want a discount at the local coffee shop? Who wouldn’t want a discount at the local coffee shop?

11. Negotiate Special Deals for your Tenants with Local Businesses

Hair salons, beauty spas, and local pizza delivery are great places to start. Many of them will jump at the opportunity to advertise to your tenants and you can give them a special 10-15% discount just for living at your units.

12. Publish a Community Newsletter or Blog

This is about establishing a sense of community for your renters. Even 1 – 2 articles/quarter with community or city events will help your tenants feel more invested in living in your rental.

13. Sponsor Community Events and Invite Your Tenants

Sponsor BBQs, charity fundraisers like a casino night or a 5k. Use your newsletter to invite your tenants. The best outcome is your tenants will become friends with each other, which makes them significantly less likely to move out.

14. Set Up a Rewards System

What are the behaviors you want to encourage in your tenants? Clean patios? Paying rent on time? Referring other tenants? Build a points system and assign points to each behavior. Allow tenants to redeem these points for rewards such as minor upgrades or gift cards to local restaurants.

15. Be Proactive About Renewing

Give your tenants ample reminders that their lease is coming up for renewal so they are not surprised. See if you can lock in renewals early to avoid uncertainty about your turnovers.

Sources: TransUnion SmartMove, PropertyWare Blog, American Apartment Owners Association, PropertyMe Blog, Software Advice Blog, The Landlord Protection Agency, REIClub Blog, Appfolio Blog

Share this
Related Posts

See why property managers love using Latchel

property-brew-newsletter

Subscribe to our Newsletter!

Get more content like this sent straight to your inbox by joining our Property Brew Newsletter list. From new podcast episodes and eBook downloads to blog posts and new Latchel features, we’ll send you all the right tools to help streamline your property management business and keep you in the know.

Unlock the Potential of Digital Insurance
Launch a tailored renter's insurance program

Sure provides tailored renter’s insurance that enables property managers, owners, and residents to protect their property, minimize risk, and experience the peace of mind that comes with the protection of your assets and business.

Most leases require renters insurance. So, we’ve partnered with Sure to provide that option for your residents. While residents aren’t required to use Sure to meet the renter’s insurance requirement, this is still a convenient option you can offer to your tenants. 

All services and products are provided by Sure, not Latchel subject to Sure’s terms and conditions.

Property Inspection Platform
Automate and Organize Inspections with RentCheck
check-mark-icon

Make Inspections Easier
RentCheck saves time by enabling residents to complete inspections on their own. Customization and automation ensure the job gets done.

check-mark-icon

Stop Wasting Time
Schedule inspections for all stages of the lease cycle at any cadence you choose. RentCheck handles the reminders.

check-mark-icon

Instantly Submit Work Orders
Take advantage of Latchel's integration with RentCheck to instantly submit a work order for any maintenance issues that pop up on an inspection.

check-mark-icon

Modernize Your Process
Easily compare new and existing inspection reports, side-by-side, and avoid security deposit disputes.

check-mark-icon

Prompt Routine Filter Changes and Resident Tasks
Schedule resident reminders to replace filters and other upkeep tasks over the course of the lease lifecycle.

To learn more about RentCheck, talk with a Latchel benefits expert today. All services and products are provided by RentCheck, not Latchel, and subject to RentCheck’s terms and conditions.

Affordable Pest Control

Access world class pest control for a fraction of the normal price. No need for new software or a complicated setup.

check-mark-icon

Easy Pest Control
Residents simply reach out to Cover Pest if there is a pest issue, and Cover Pest takes it from there.

check-mark-icon

Clarity on Who Pays the Bill
No more awkward conversations about who is responsible for the bill! With Cover Pest as a resident benefit, residents get pest control for covered pests without an additional cost.

check-mark-icon

Vendor Sourcing
No more sourcing for vendors! Cover Pest will source and coordinate with vendors for each pest control request

To learn more about Cover Pest, talk to a Latchel benefits specialist today.  All services and products are provided by Cover Pest, not Latchel, and subject to Cover Pest’s terms and conditions.

Air Filter Delivery Subscription

FilterTime is an air filter delivery service that makes it easy and convenient for residents to replace their air filters. FilterTime customers can protect their HVAC system, reduce dust and pollen, save money on energy costs, and more by leveraging this delivery service.

check-mark-icon

Reduce Labor for HVAC Issues
Filter delivery service results in a 38% reduction of total HVAC ticket requests.

check-mark-icon

Cost Savings on HVAC Repairs
Average HVAC repair costs have increased by 48.7% year over year. an air filter delivery subscription can cut costs up to $250-300 per property per year.

check-mark-icon

Energy Reduction
Filter delivery is saving residents $14.82 per month in energy costs.

How it works:

Choose from almost every size and type of air filter including custom-made sizes

Choose how often you want your filters delivered

smile-icon

 A box of brand new air filters delivered to your resident’s front door

To learn more about FilterTime, talk with a Latchel benefits specialist today. All services and products are provided by FilterTime, not Latchel subject to FilterTime’s terms and conditions.

Boost resident satisfaction and drive good resident behavior through a rewards, incentives, and credit building program
check-mark-icon

Drive On-Time Rent Payments
Piñata rewards renters for on-time rent payments through Piñata cash, and boosts renter's credit scores for online payments.

check-mark-icon

Boost Resident Satisfaction
$30 gift card to use at select brands and businesses, $25 restaurant card, 720 annual Piñata Cash to use on rewards, Early lease renewal gift.

check-mark-icon

Attract and Retain Renters
2 out of 3 renters prefer properties with rent reporting. Plus, residents get incentives for early lease renewals.

check-mark-icon

Rewards Residents Love
Residents can use Piñata Cash on brands they know and love, such as: Starbucks, Amazon, Sephora, Lego, Target, Walmart, Home Depot, Lowes, Doordash, Best Buy, and many more!

Piñata Cash

Residents easily earn Piñata Cash any day of the month by doing things like taking surveys, referring friends, or trying out new products.

Residents also get access to big-ticket giveaways, limited drops and super surges!

And, with exclusive access to our marketplace with over 300,000 deals, residents can squirrel away up to $4,500 annually.

To learn more about Piñata, talk with a member of our benefits team today. All services and products are provided by Piñata, not Latchel subject to Piñata’s terms and conditions.

Master Liability Insurance

Now you have one less thing to worry about with a Master Liability Policy through Obie.

check-mark-icon

Affordable Coverage
Affordable policies available with liability coverage starting at $100,000 and up to $300,000 to meet any property manager insurance requirements.

check-mark-icon

Stay 100% Compliant
Master policy provides $100,000 for management companies and owners by ensuring 100% of occupied homes and units are covered for property damage liability issues relating to resident negligence.

check-mark-icon

Peace of Mind
Liability coverages include perils such as fire, smoke, water, explosion, overflow of sewer, and many others that provide coverage for damages you (the resident) may cause to your unit or home

check-mark-icon

Personal Liability
Personal liability coverage is automatically include to protect you against claims where you may be considered legally liable. (Bodily injury claims, dog bite claims, and more)

check-mark-icon

Additional Coverages
Additional/expanded coverages are also available. (Pet damage, identity fraud, theft/vandalism, and more are available!)

All services and products are provided through Obie and are subject to Obie’s terms and conditions.

👋 Join us for a special webinar Thursday, January 11th