Looking for ways to improve tenant retention?

When you become a rental property investor, your number one goal is to retain great tenants. Once you find a tenant for your property that pays on time, keeps your property in great condition and gets along with neighbors, you want to keep them. But how do you retain tenants? What can you or your property management team do to ensure that quality tenants continue to rent your property?

When losing a tenant, you will face certain costs such as advertising fees, credit check costs, maintenance and more. It is important to try and retain tenants so you can save money by not having to find new renters. To begin, you must learn what causes a tenant to move out. To prevent tenant loss, you must understand the factors involved that will keep a tenant within your property or cause them to leave.

Why Tenants Move Out

Every situation will be unique but there are common factors that can lead to a tenant changing their living quarters and moving out of your property. This can include the condition and overall maintenance of the building, the market and the quality of property management. You want to be sure that the property is well maintained and that you work with a reputable Kitchener residential property management company to ensure that your tenants are happy 100% of the time.

Condition/Maintenance

Let’s begin with the condition of the home as well as regular maintenance. You must make sure that all repair requests by the tenant are answered quickly. Having a property management team on call 24/7 will reassure your tenants that they are important to you. A property management company can respond quickly to repair needs as well as take care of regular maintenance and upkeep for you.

The Market

The current market should also be considered. When new buildings pop up or the market becomes soft and rental rates fall, your tenant may be tempted to move elsewhere. It is vital that you or your residential property company stay on top of the local market trends. Knowing the market is essential to knowing when to increase rent or to stay the same.

Property Management

As we have mentioned, the property management team you choose is vital to the daily operations of your rental property business. You need to hire only the best in the industry so the overall satisfaction of your tenants will be 100%. Tenant retention will be improved by providing a high-quality personalized experience for your tenants via the interaction and response times of your property management team. Quality customer service goes a long way in retaining tenants within your properties.

At Latitude Properties, we place great emphasis on customer service. We strive to offer only the best services and response times for your tenants. We work hard to ensure that every tenant is satisfied, calling your property home year after year. Contact our office today to learn more about the management services we can provide your real estate investments.

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