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Improving Tenant Retention

Improving Tenant Retention

Propertyware just posted a piece on how to improve tenant retention. I summarize the two key takeaways here and add to their list with some of my own thoughts. First, it is important to understand the value that tenant retention has on your business. Many property managers see tenant turnover as "part of the job," but effectively reducing turnover improves your operating margin and can bring much bigger returns to your business. If your fee per month is greater than any turnover fees you charge, there is even more incentive to reduce turnover. In fact, the idea of a turnover fee is against a property owner's best interest as you should see your job as creating a tenant experience that keeps tenant's renting. So here are 3 things that will have the biggest impact on retention - my input comes first.

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