Landlords want to retain the best tenants. Property management companies spend thousands of dollars recruiting the right tenants for properties by placing generalized advertising in newspapers, websites, and magazines. The trouble is that this type of advertising can attract the wrong type of tenants and attracting the right kind of tenant is the first step to retaining tenants in a satisfactory rental relationship.
Strategic marketing is one of the best tools available to property management companies in recruiting and retaining tenants. Strategic marketing is a carefully laid out marketing plan that is designed to attract a certain or specific group of people. In this case, it is the perfect tenant that needs to be persuaded to move into your property. Coming up with a unique plan that includes items like cash incentives is a must. There are, however, several other marketing options to consider.
Top Resident Retention tools for Property Management Companies
Make Previous Tenants An Offer
Deals are hard to refuse. What every tenant wants is to live in a nice neighborhood and not pay a lot of money. Offer prospective tenants a discount on first month’s rent, or a free month’s rent, with or without a deposit. This is a great way to fill an empty building or retain valuable tenants. Most tenants love where they live and have no intention of moving. However, giving them an incentive to stay can ensure another year of great tenancy.
Include a Free Annual Service
Offer a free carpet cleaning or one free maid service at the time of renewal. The dirtiest place in the house or apartment is usually the entryway, living room, and bathrooms as they receive heavy traffic throughout the day. Express the importance of eliminating allergens, pollen, and dust mites. Some tenants have never gotten their carpets cleaned or used a maid service and these types of bonuses could motivate them to stay.
Take Off a Percentage
Offer to take off 10% percent of the rent for 3 months, prior to the lease renewal date. For a tenant that is paying a hefty sum of money, this can mean more money to do other things. For example, if a tenant is paying $1,200 dollars per month, just imagine how grateful the tenant would be to save $120 per month for 3 months. That is a total savings of $360 per year. Even at a 5% discount, the savings amount equals $180 over a three month period.
Retaining tenants depends on many factors starting with effective marketing to secure the right tenant. Once the tenant moves in, keep them happy with quick response to maintenance issues, complaints about neighbors, and steady rent. Entice them with discount offers at least three months before the lease is up for renewal to stop tenants from looking around. Offer a once per year service such as carpet cleaning or yard cleanup. Maintain the outside of the property so that it stays attractive.
Son-Rise Property Management is a full service property management company located in Bellingham, WA. Contact us today to see how we can help you find the perfect home to rent or manage your property.