Kanat Sultanbekov Underlines a Few Effective Tenant Retention Strategies

All property owners and landlords would know that one of the costliest aspects of a rental business is the tenant turnover. Kanat Sultanbekov hence points out that property owners and landlords should explore ways to increase tenant retention. Even though finding good tenants takes work, keeping them around for a long time requires as much effort, if not more.

Kanat Sultanbekov lists a few important tenant retention strategies

Tenant turnover can be a very time-consuming and expensive headache for landlords and property managers. Vacant units invariably mean lost rental income, as well as the cost and hassle of finding new tenants. The key to steering clear of such issues lies in keeping tenants satisfied and encouraging them to renew their leases. Here are a few tenant retention strategies that landlords and property managers may explore:

• Build a positive tenant-landlord relationship: Cultivating a positive relationship between landlords and their tenants is among the foundational elements of tenant retention. Having a responsive, friendly and warm attitude towards the tenants can go a long way in creating a sense of respect and trust. If the tenants feel heard and valued, they are more likely to stay in the apartment.

• Timely repairs and maintenance: To ensure tenant satisfaction it is important to make sure that their maintenance and repair requests are addressed in a prompt manner. A well-maintained property tends to demonstrate that the landlord does care about the safety and comfort of the tenants, which makes them inclined to renew their lease. Regular inspections would also be helpful in identifying potential issues in the property before they become a major concern.

• Competitive and fair rent: Landlords and tenants need to try their best to strike the right balance between rental income and competitive pricing. They must research the local market properly to see to it that the rents of their property are competitive. Rent increases should always be done in a reasonable and fair manner. Increasing the rent excessively and suddenly may drive tenants away.

• Lease renewal incentives: Providing incentives for lease renewals would be an efficient strategy for enticing tenants to stay at the property. Landlords and property managers may provide tenants with options like upgrades to the unit, free month’s rent, or rent discounts. Even though such incentives tend to incur short term costs, they usually prove to be less costly than having to deal with tenant turnover.

• Transparent and clear communication: Smooth and clear communication is key to tenant retention. Landlords and property managers must make sure that the tenants are aware of their contact information, as well as preferred methods of communication. The tenants should also be sent regular updates and notifications on important property-related issues like maintenance schedules or community events. Making sure that tenants are well-informed can lower the odds of misunderstandings, and boost their overall experience.

As Kanat Sultanbekov says, in addition to following the tips discussed above, property managers and landlords also need to offer flexible lease terms that can be appealing to tenants. If possible, it would be a good idea to offer shorter leases, like six months or month-to-month options, for tenants who may not want to commit to a long-term lease.