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The Art of Tenant Retention in Pequot Lakes

Pequot Lakes Property Manager Shaking the Hands of Satisfied TenantsThe technique of having a profitable Pequot Lakes rental home is attracting and retaining tenants of great quality. This includes finding tenants who have a habit of paying promptly, who take good care of the property, and who are friendly with the neighbors. But just because you’ve addressed the vacancy, it doesn’t mean that there’s nothing left to do. One of the greatest blunders a property owner can commit is pushing those same tenants away because of poor communication or negligence.

It’s a fortunate thing that there are plenty of strategies that owners can implement to retain high-quality tenants. Possibly the most important approach you can take is to establish a good relationship with the tenant. You can do this by checking in on them regularly. Good tenant communication can go a long way toward a happy, satisfied tenant.

This technique is very effective, and it works best when combined with a second, equally important strategy: being proactive with the upkeep of the rental homes. Tenants want to live in a well-maintained home and they want it to stay that way. So they really appreciate it when a landlord not only addresses repair requests quickly but also performs regular maintenance without having to be asked. A property owner who models good property maintenance practices will inspire their tenants to be proactive and do their part.

Along with regularly scheduled maintenance, tenant retention can be enhanced by involving the tenants in the caring of the property. Consider getting the opinion of the tenant about how they are liking the rental home and if any maintenance or repair-work needs to be done. Some owners stay away from asking such questions, thinking that tenants will request for highly extravagant items or unreasonable repairs. But take a look at the alternative: if the tenant leaves, you’ll be spending much more on finding a replacement and getting the home ready for a new tenant than purchasing that new stove (or carpet, or dishwasher repair) that they asked for.

In the event that a quality tenant is thinking about moving, try to figure out why they are leaving and ask them if there is anything you could offer for them to stay. If a tenant is transferring to another rental house in the same general area, it often means that there’s a specific reason that can be countered or an obstacle that can be overcome. Remember, keeping a quality tenant is a far more profitable strategy than operating a revolving door rental house.

Ultimately, tenant retention is an art that you can learn and perfect over time. The good news is that Real Property Management Deluxe have experts willing to help you. We know what it takes to find and retain high-quality renters in Pequot Lakes. We make healthy tenant relationships look easy and can take care of the day-to-day communication for you. Feel free to contact us online or by phone at 218-454-7962. We’ll be glad to help you with your tenant relations.

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