When you’re renting out a Memphis property, there’s a huge effort put into finding a tenant. That’s obviously important, but what a lot of property owners tend to forget is that it’s just as important to keep that tenant in place. Good tenant 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 tenant 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 tenant relationship. Here’s how to improve your own Memphis tenant retention.
Responsive Maintenance and Rental Property Repairs
We know how frustrating it is for tenants when something breaks and nothing is done about it. In fact, our data has shown that one of the main reasons tenants 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 tenants this way.
Instead, provide a positive and responsive maintenance process. For emergencies, tenants 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 tenants 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 tenants throughout the process, working with reliable and respectful vendors, and following up with residents after the work is completed will create a lot of tenant satisfaction and protect the condition of your rental home.
Make Tenant Communication a Priority
We share our expectations with tenants early, before the lease is even signed. When tenants 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 tenant relationships.
When tenants get in touch with us, we’re available and accessible. We’re even friendly. There’s a perception that the landlord/tenant relationship has to be adversarial, but that’s nonsense. We work well with our tenants because we communicate openly and transparently. We expect the same from them. It helps our tenant 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 tenants and offer resources they may need, whether they’re moving into one of our properties or preparing to leave. This helps with tenant 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 tenants 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 tenants 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 tenants 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.