Boosting Your Tenant Retention
Turnovers are among the top issues that can derail ROI. A vacant apartment means it is not generating income and there is also the possibility the previous tenant may have left the place a mess, requiring spending money to make it look attractive again. Plus, you’ll need to get through the screening process again, which may also lead to income loss. One way to possibly improve tenant retention is to take a close look at neighboring properties. Are your prices reflecting those around you? If your asking price is more than a neighbor, there should be justification (i.e.: better amenities), or else you’re risking a significant loss of renters if someone is offering comparable living for a better price. When performing inspections of your property, use your tenants as guidance. What dream improvements would they like to see? Carefully consider those requests by renters that consistently pay on time and see of which these are shared and are financially feasible. An upgrade or more energy-efficient appliance can go a long way. What are your tenants passionate about? Keeping a record of things they may be interested in can do wonders. For example, if someone says they’re preparing for a virtual 5K next month, ask them how it went once the date has come and gone. The tenant will likely be appreciatively surprised and it increases a sense of community.
This update is by Livo, a rental optimization platform aimed at providing you with a robust revenue enhancement tool. With Livo, you can maximize rental yields, accept and manage multiple offers and offers, and enjoy better retention. Livo targets rentals with the greatest odds of receiving a multitude of offers, and those with the best locations, features, configurations, and more. Please call 833.333.5486 today to learn more.