As a property owner or manager, you have a lot of tasks. One of the most important tasks is keeping tenants happy for retention.

It’s often much easier to retain great tenants than to work at finding new ones. The past year has presented many challenges to small businesses. As a result, tenant turnover may be an issue you face now or in the near future.

Let’s cover 5 ways to retain tenants despite challenging times.

  1. Communication, transparency, proactive measures
  2. Renewal/referral incentive
  3. Energy-efficient and Smart features
  4. Provide routine maintenance
  5. Address issues quickly

Communication, transparency, pro-active measures

It cannot be overstated that communication with tenants is key. A strong property management team will provide frequent and thorough communication. Put yourself in the tenant’s shoes and consider how often you want communication from management.

Regular property visits to see any issues for yourself provides a great opportunity to connect with tenants. Regular e-mail communication is also important. Communication should be transparent with any repairs or maintenance clearly communicated to the tenant.

Be pro-active in your approach so that tenants do not perceive you are unavailable or uninvolved.

Renewal/referral incentive

Another time to be pro-active is when a lease is set to expire. Approaching the tenant in advance with a renewal incentive is a nice gesture indicating your desire to retain their business. Additionally, if they are a happy tenant, they may have other potential tenants for you. Providing some sort of referral incentive is a great way to keep good tenants.

In challenging times, you may be inclined to proceed with standard rent hikes. If this becomes a challenge for your current tenants, consider an alternative in order to keep your tenant or postpone and re-evaluate in 6 months.

Energy efficient and Smart features

Whether your property is new or old, updating features to be both energy-efficient and smart is attractive to potential and current tenants. An energy-efficient property saves the tenant money on utilities which may encourage them to stay on board if they begin to consider a move.

While retro-fitting a space can be costly, look for small changes with big impact. Lighting can be up to 10 percent of the annual cost inside a building. Investing to switch out lights with timers, dimmers or motion sensors can be a cost-effective place to begin. The next switch can be LED lighting throughout.

A property maintenance company can provide an assessment for your property indicating big or small changes specific to your needs. This is a worthwhile investment.

Provide routine maintenance

We recently discussed the importance of an annual maintenance calendar. Provide that calendar to your tenants to demonstrate that you are taking care of your investment and that their requests will be quickly addressed. Prior to performing any routine maintenance, send out a quick email letting tenants know the specifics of what will be done and when. This goes back to item one above that communication is key.

Address issues quickly

Following up on the last point, don’t let a repair request or other issue slip by without addressing it. Make sure that any and all requests are handled quickly and completely.

If you’re tenant is facing problems, you are facing them also. Regular communication and connection with tenants can make the difference in how long your tenant stays.

At Weaver Realty, we offer our expertise in property management and property maintenance to help you be the most successful in your business. Call us today at (904) 733-0039 and find out how we can assist you in finding and keeping great tenants.