Whenever a tenant moves out, you have to spend time and money attracting new tenants. You might also have to go without a rent payment for a month or two when the apartment is vacant. Therefore, increasing tenant retention is good for your pocketbook and for your time schedule. You can encourage your tenants to stay longer by offering excellent services that make living in your apartments enjoyable and convenient. Here's a look at three such services you can implement without having to dig too deeply into your wallet:
Apartment cleaning services.
Many tenants would love to have their apartments professionally cleaned so they don't have to deal with the mess. However, if they have never had a cleaning service before, they may not know how to go about finding and hiring one. Consider contacting a local cleaning service, and see if they can send personnel specifically to your community one day per week to clean tenants' apartments. Offer this service as an "extra" to your tenants for a small additional fee on top of rent. They'll enjoy not having to shop around for their own cleaning service.
Dry cleaning collection services.
Talk to local dry cleaning businesses, and see if any of them are willing to make a drive through your community once or twice a week to pick up and drop off items that your tenants need dry cleaned. Since you'll be increasing the dry cleaner's business, you might find a shop that's willing to do this free of charge. You can add an additional fee to your tenants' rent and pay the cleaner yourself, or arrange for your tenants to pay the dry cleaner individually. Either way, this service will save them a lot of time.
Monthly tenant appreciation gatherings.
If your tenants get to know you and one another, they'll feel more connected to the community and be less likely to leave. An easy way to encourage this sense of community is to organize a monthly gathering for tenants. Provide pizza and some drinks, or even ask that tenants each bring a dish to share. You can formally introduce new tenants to the group, making them feel welcome from the start. These gatherings also allow you to share pertinent community news with your tenants in person. They'll enjoy this personalized touch more than just an email or text.
By offering services that make your tenants' lives easier and more enjoyable, you encourage them to stay for a longer period of time. When you have long-term tenants, not only do you have to spend less time searching for new ones, but you also get to know and trust the people who rent from you. Tenants who have a long, positive relationship with their landlords are more likely to pay on time and take good care of your property.
If you're looking for tenant services for your property, visit Two Rivers Investment.Share