How to Boost Residence Retention

Finding the right tenant,or tenants, can be difficult. Let’s face it; renting out a space in the GTA is process and a half. With all of the horror stories related to “professional tenants” who don’t pay rent, trash your space and give you nothing but headache, it can be an incredible relief to find a good tenant who pays on time, and respects you and your rental space. That’s why it’s so important to hang on to those tenants when you find them. Of course, there are always extenuating circumstances that will make losing a good tenant unavoidable i.e. they are ready to buy a home, they must relocate for work etc. But the last thing you want is to lose a great tenant to another landlord. Moreover, an empty unit is as good as throwing your money down the drain. So here are some tips and tricks for boosting residence retention.

Be Responsive and Communicate

If your tenant takes the time to reach out to you, they expect a response. Ignoring them is a sure fire way to lose the tenant once the lease agreement is up. A tenant needs a landlord who will respond to their service requests and questions timely and efficiently. In the rare case that you are unable to help the tenant with their request, or unable to answer their question, it’s still imperative that you respond and explain why you can’t help. This will at very least show the tenant that you hear them, and you want to make sure they are happy.

Be Proactive with Service

It’s the landlord’s responsibility to make sure the unit is livable and functioning. There are routine maintenance tasks that must be handled on a regular basis in order to fulfill this requirement. By scheduling this routine maintenance, you: a.) show the client that you want them to be comfortable and safe, and b.) prevent a buildup of problems. By showing your tenant that their safety and comfort is paramount, you are securing a healthy landlord/tenant relationship.

Keep Residents Informed

Whether you rent out one room or an entire building, you need to keep the residents informed of what is being done in or around the property. People don’t like surprises that interrupt their routine. If a tenant comes home to find their parking space filled, or unreachable, they will be upset. Wouldn’t you? So if construction is scheduled, make sure the tenant knows. If the fire department is coming in to check the fire alarms, make sure the tenant knows. If the parking lot is having maintenance done…you see where I’m going with this.

Incentivize Renewals

Maybe your tenant/tenants just need an incentive to stay? Consider apartment upgrades and perks. Maybe your tenant really needs a new TV. $500 out of your pocket to buy them a new TV can be considered an investment. After all, losing this great tenant and ending up with a not so great tenant can end up costing you a hefty amount more, to put it lightly.

Make Submitting a Request Effortless

Embrace new technology and make the process of submitting a request a breeze. Text messages, website contact, phone calls, as well as traditional face to face requests should all be part of your system. Young millennials will want to simply send a text and have the request handled. Older crowds may want to do things the old fashioned way and give you a call, or stop by your management office to submit their request. By providing options, you satisfy both crowds. Moreover, develop a system that keeps your tenants up to date with where their service request falls in the cue: send text updates, phone calls and visits depending on the tenant’s preference.

Try to Build a Sense of Community

This should be the case regardless of the size of inhabitants in your rental space/spaces. People are social creatures, and we like to be part of a community. Communities help each other and provide a stable foundation for families and single people alike. A true sense of community will be something that your tenant or tenants don’t want to leave. Consider hosting meet and greets, holiday parties, BBQ’s, introduce your tenants to the maintenance staff, and most importantly, show an interest in your tenant’s personal life/lives. This will go a long way in keeping your space occupied with good tenants.