The benefits of keeping your renters long-term emerge when you look at two different scenarios. Imagine two property owners: one rents to the same person for five years with minimal rent increases but no lost income through vacancy. One has a different renter each year. They get to raise the rent, but they lose a few weeks of rent each year and hours of marketing and work on the application process every time. Any Hampton Roads property management company could tell you that the first person is making more profit—despite no rent increase, they spend very little on marketing, screening renters, or handling applications.
Renter retention is sometimes hard to master, but when you have a winning formula for excellent customer service, you can often convince great renters to stick around. First, we'll talk over what makes a Hampton Roads renter great. Then we'll dive into how you can wow those renters and convince them to stick around.
Qualities of an Outstanding Renter
In many ways, the bar is not exceptionally high for a great renter: they don't have to be particularly lovely or wealthy or otherwise exceptional—those are nice to have, but the main things that matter in your renter relationship include:
- Paying the rent on time
- Abiding by the lease they've signed with you
- Performing routine cleaning and other essential repairs when they cause them
- Inform you promptly when there are more significant maintenance or repair concerns (so you don't end up with bigger bills because of delayed maintenance)
- Communicate respectfully and clearly with you when they have an issue.
If you come across Hampton Roads renters who meet all of these standards, they are worth their weight in gold—not that they are rare, but that they are key to keeping your property profitable. Just one or two renters who delay maintenance or avoid cleaning for so long that damage occurs to the property can really cut into your profits, and the wasted time spent on things like lawsuits or evictions are a big reason to keep the great renters you have rather than constantly wondering if the next renter will be less reliable.
Ways You Can Keep Great Renters Happy
When you want to keep great renters long-term, being an amazing rental property owner is a big part of the equation. Even a very modest rental property becomes valuable to a renter if their life there is hassle-free, and they know that any issues will be resolved promptly. Simple gestures like the following can go a long way to keeping renters happy:
- Warm and friendly interactions without excessive chatter — your renters probably have places to be, after all. If a renter shares information like a birthday or an important occasion with you, make a note of it so that you can ask about it the next time you see each other; any opportunity to show you are paying attention is a good way to keep that warmth and friendliness over time.
- Easy processes for things like rent collection and repair requests. Online property management software included with a Hampton Roads property management company contract can make it possible for a renter to quickly and easily handle all rental-related business online with little or no hassle. Many people appreciate saving their stamps and not having to make drawn-out phone calls when they need something.
- Prompt responses to repair requests. Even if you cannot immediately make a repair that you know isn't urgent, communicating quickly shows your renter that you've heard them recognize their concern and are putting a process in motion. Keeping your files and records organized also goes a long way to avoiding having a request slip through the cracks.
- Give renters clear guidelines and clear consequences, and enforce them fairly. The goal isn't to "gotcha" anyone with a little-known part of the lease, but rather to clearly give them all the information so that they'd have to work pretty hard to break the rules.
These simple goals may not seem like much. Still, they are a chance for a Hampton Roads rental property owner to show their renters that they aren't just trying to squeeze rent money out of them - they are building a long-term relationship and want the renter to feel satisfied with their interactions too.
Ways Professional Property Managers Help You Retain Great Renters
Professional Hampton Roads property management companies have seen hundreds and thousands of renters pass through their doors under management, and they know the kinds of upgrades, kind gestures, and day-to-day operations that really impress a renter. By working with Renters Warehouse Hampton Roads, you can get a jumpstart on building great relationships with renters and working to keep them long-term. We're committed to both the renters and the owners we serve since we believe everyone benefits when good people find each other in the rental property market. Learn more by downloading our guide today!