All Real estate investors know that vacant investment properties can really hurt their returns. While no tenant remains permanently, a high turnover rate means property investors must constantly find new tenants. Regular vacancies end up becoming a costly issue when dealing with marketing costs and days, weeks, or months without rental income.
Improving your tenant retention is one of the best ways to cut costs and improve the return on investment! If you’re struggling to keep good residents for more than one lease term, check out these seven expert Brisbane, property management tips to boost your tenant retention.
1. Have a Thorough Tenant Screening Process
Keeping more residents for multiple lease terms starts by finding and placing the best quality tenants. After one or two experiences with a bad renter, you won’t want them to renew the lease anyway!
Green Kite rental property management experts know that boosting resident retention starts with a thorough screening process. This allows rental property owners to learn more about prospective tenants by researching their credit score, current employment and income, references, criminal history, and previous evictions.
2. Get to know Your Tenants …
When renters feel like they’re more valuable than just a rent cheque, they’re more likely to feel at home in your investment properties. Good property managers make efforts to get to know their residents, but it’s also essential to keep property manager-tenant relationships professional.
Quality Property management companies recommend being friendly, interested in how your renters are doing, and checking in from time to time to build positive, long-term relationships with residents. However, avoid becoming “friends” with tenants. Residents who feel like they have a friendship with you can take advantage of the rules. Residents who don’t get the benefit of your friendship can also feel like they aren’t being treated fairly.
3. … and Respect Their Privacy
While getting to know your residents, be careful to respect their privacy. The Act specifies when a property manager can enter a property, we must follow the laws regarding when and how we can enter an occupied rental.
Stopping by unannounced to conduct property inspection violates tenant privacy laws. Unless you’ve become aware of an emergency at your rental, ringing the doorbell during dinner time without notice can also be an after-hours privacy violation. Property management experts know the importance of building professional, friendly relationships with residents. Maintaining good communication and being an excellent landlord can encourage them to renew when they see that you’re a compassionate, fair, and professional rental owner that they can trust!
4. Understand the Local Market
Ipswich property managers can help you learn more about the local rental market and what renters look for in a rental property. Whether you need to adjust the rental rate to attract and keep good residents or add a few features to the residential property could encourage more tenants to stay longer, a property manager knows!
Setting the ideal rental rate and delivering what Ipswich and Brisbane renters want at competitive prices helps improve the potential that more tenants will renew!
5. Make Rental Property Improvements
Working on tenant satisfaction is one of the best ways for property owners in Brisbane to retain more tenants and boost ROI. As your property manager conduct routine property inspections, a good one will talk with residents about what they like about the property and what you could do to improve the unit.
The best property management Brisbane offers help to keep you up-to-date on thoughtful updates that won’t break your maintenance budget and add value to the home. Sometimes small things like USB wall outlets, air conditioning, and other cost-effective features are just the perks that encourage a renter to sign a new lease.
6. Make It Easy to Pay the Rent
You might have the best rental house in the Ipswich area, but if it’s hard for residents to pay the rent, they’ll find another place to live! A property management expert knows that today’s renters prefer online banking for the rent collection. Offering an online tenant portal that allows residents to keep up with on-time rental payments easily is an excellent way to boost resident satisfaction.
A property manager can help you set up a tenant portal that allows them to set up automatic rent payments and submit maintenance requests. Convenience goes a long way to boosting retention!
7. Send Early Lease Renewal Notices
Starting the renewal process early helps residents know that you value having them in your rental! When you find good renters, encourage them to stay by starting the conversation about renewing several months before their current term ends.
Boost Renter Retention (and ROIs) With Green Kite Property Management!
Renters appreciate professional Brisbane property management services! With property managers, your tenants know they have someone available to respond to requests and keep the home in excellent condition. If you’re looking for a partner to help you Green Kite is here to help! Let’s talk about how our property management services can help you retain your quality tenants.