When you have a good tenant, the first goal is to get them to stay. Finding a replacement takes time, and there is no guarantee that you will find a tenant who is just as good. While there are tenants who have to move because of financial reasons or other factors outside of their control, there are some things that your Phoenix property management team can do to help you keep your top tenants.
One way to make sure that your top tenants renew their contract is by making sure that they trust you. Tenants need to know that you will take care of them and make sure that their home is repaired on time. Building trust starts by communicating with the tenant and immediately repairing problems. Your property management team can help by making sure that vendors are sent to the property as quickly as possible.
Communication is always important. Tenants want to know what is going on. Even if you cannot get to a repair right away, they want to know when it will happen. No one likes a surprise visitor, so communicating when you will be at the property will help them feel comfortable. Sometimes, it only takes a simple text to update the tenant. When the tenant feels comfortable around you, they will reach out when there is a problem and feel safe knowing that you will share any important information.
Your property manager can help with this process. After a tenant leaves, we conduct a survey to figure out what we can do better the next time. While the tenant is still at the property, we make sure to return emails and calls on the same day. We have property management software that includes built-in alerts and follow-up messages. Plus, we take care of follow-up calls with the vendors. All of these steps ensure that your tenants feel listened to and create a two-way dialogue.
Update the Home
Tenants do not always expect a property to have the latest ovens, new counters and modern fixtures. At the same time, they do want a well-repaired, updated home. If your property includes appliances that always break and outdated features, then the renters will not renew if they can afford something better. In addition to updating the home, consider updating your rental payment system. An online portal for paying rent, communicating with the management team and requesting repairs makes life easier for your tenants.
Do Rental Increases the Right Way
No one likes to pay more money for something that used to cost less. While tenants expect that their rent might increase in the next few years, they are never happy to see the price go up. A gigantic surge in price may stop your renters from renewing their lease. Instead, consider doing a smaller rental increase. Make sure that the change is in line with the market in your area and communicate with your tenants. If you do the research beforehand, then it will be easier to justify the small increase to your tenants. Raising rent is an art form. When done incorrectly, it can end up driving away your tenants.
Replacing tenants is a cost that you can reduce. Constant communication, regular updates, timely repairs and thoughtful rent increases can help to encourage your tenants to stay for another year. By proactively managing your property, your property management team can help reduce your tenant turnover every year.