When you’re renting out a Memphis property, there’s a huge effort put into finding a resident. That’s obviously important, but what a lot of property owners tend to forget is that it’s just as important to keep that resident in place. Good resident retention contributes to better cash flow and higher ROI. It creates stability for you and your rental property.
We enjoy high retention rates at CrestCore Realty, and we believe that’s due to three important things:
- Responsive maintenance
- Excellent resident communication
- Stress-free move-in and move-out processes
Providing a pleasant rental experience isn’t complicated. It requires care and attention and a good resident relationship. Here’s how to improve your own Memphis resident retention.
Responsive Maintenance and Rental Property Repairs
We know how frustrating it is for residents when something breaks and nothing is done about it. In fact, our data has shown that one of the main reasons residents leave a rental property at the end of their lease term is that they’re dissatisfied with how maintenance is handled.
Don’t lose your residents this way.
Instead, provide a positive and responsive maintenance process. For emergencies, residents should have a way to reach you right away. You want to make sure they’re safe in the event of a flood, fire, or other catastrophe. You also want to get repairs started right away so the home remains habitable and further damage is avoided.
For routine repairs, we provide an online system so residents can make requests at their own convenience. They can even include pictures of the problem with their description. Then, we get in touch right away, even if we can’t fix it for a day or two. Communicating with residents throughout the process, working with reliable and respectful vendors, and following up with residents after the work is completed will create a lot of resident satisfaction and protect the condition of your rental home.
Make Resident Communication a Priority
We share our expectations with residents early, before the lease is even signed. When residents understand their responsibilities and requirements, they’re more likely to succeed and less likely to shy away from asking questions or reporting concerns. This is an important part of developing and maintaining good resident relationships.
When residents get in touch with us, we’re available and accessible. We’re even friendly. There’s a perception that the landlord/resident relationship has to be adversarial, but that’s nonsense. We work well with our residents because we communicate openly and transparently. We expect the same from them. It helps our resident retention numbers and it creates a good rental experience for everyone.
Easy Move-In and Move-Out Procedures
Moving is stressful, and we are here to support our residents and offer resources they may need, whether they’re moving into one of our properties or preparing to leave. This helps with resident retention because there are fewer conflicts, disputes, and misunderstandings.
During the move-in, we go over the entire lease agreement and welcome any questions. We collect the move-in funds, help residents with utility accounts and information about their new neighborhood, and stand by to answer any questions or respond to any early repair needs. We explain how they can pay rent online and what they’ll need to do when maintenance is needed.
At lease renewal time, we’ll negotiate a new lease and if the market demands it, a new rent. Most of our residents are eager to renew their lease agreement. For those moving on, we make sure they know what has to happen before the keys are turned in and the security deposit returned.
Retaining residents is an excellent way to cut down on vacancy and turnover costs. Make this a priority, and contact us at CrestCore Realty for any questions and assistance with Memphis property management.
