One of the most cost-effective strategies for commercial property owners is to retain good tenants for extended periods. The factors involved with keeping property tenants happy are numerous and provide the most convincing evidence that hiring property managers is also a way to increase profits. Financial security is what most property owners have in mind when they make investments in commercial real estate. There are many potential complications with ensuring that tenants stay put, and professional property managers are experts at navigating around potentially complex issues.

 

The high cost of vacancies

An occupied unit is one that brings in profits. When there are vacancies, costs are involved with finding a new tenant, plus the unit isn’t bringing in any money. Many a property owner has learned how quickly the cost of vacancies dips into profits, spoiling progress toward attaining financial security.

 

When a tenant moves out, a typical period of rent loss is between one and two months. There is also the expense of preparing the unit for a new tenant, which often involves costly repairs.

 

Tips on keeping tenants happy

Adopting practices that create ongoing tenant satisfaction results in higher profits. Professional property managers are dependable for delivering essential aspects of effective tenant retention. A lot of time is involved with these tasks, and property managers have connections and proven methods that simplify and accelerate their execution. The following are ways professional property managers boost tenant retention by keeping renters happy:

  • Performing repairs quickly is an excellent way to maintain a high level of tenant satisfaction. The grumbles of tenants who have had to go for days without a working toilet, for instance, typically invade social media ratings and reviews, creating a bad reputation for a property and a high rate of dissatisfaction among current tenants.
  • Handling rent payments with thoughtfulness and consideration creates goodwill among tenants. Send monthly reminders, to help renters keep focus in the busyness of life. Give grace to tenants who are typically always on time but have a rare episode of missing the deadline for rent payment. Consider rewarding dependable tenants with a gift card on their birthday.
  • Responding quickly to any communications that the tenants initiate is important. Property managers are more likely to give this type of attention to detail on a consistent basis, as compared to a do-it-yourself manager with multiple responsibilities and fewer connections than experts have.
  • Being diligent to maintain the property and keep it safe exhibits interest in tenants and improves tenant satisfaction.

 

Tenant retention made easy

At Weaver Realty Group, we handle every aspect of property management that helps to ensure maximum profitability, including tenant retention. We are equipped with experience, resources, vendor relationships, and a devotion to providing all needed support to our clients. With the Weaver Realty Group handling property management, the tenants and property owner both tend to be consistently happier. To learn more about how we help clients build financial security by achieving exceptional tenant retention, contact us at 904-733-0039.