Good tenants are key for successful real estate investing and rental property rental property ownership. The reality is that a vacant property equals no revenue. How can rental property owners maximize tenant retention to reduce losses? One primary way to minimize vacancies and improve tenant retention is through good tenant communications.
Often times tenants will view their Oahu property management company as a faceless entity that simply collects their money and sends an occasional letter. If this is the only communication your tenants receive, there really is little incentive for them to renew their lease other than the fact that they simply do not want to move. If the relationship between the tenant and your Oahu property management company is not a solid one, your tenants will be less likely to renew their lease.
Tenant communication is key. It might seem simple, but the more open the lines of communication between your property manager and tenants, the better. It’s essential that tenants feel comfortable going to their property manager with concerns, and that, in turn, the property manager listens with empathy and makes sure the tenant knows they are being taken seriously. As an additional step, the tenant should know and trust that the property manager will be following up with their concerns in a courteous and professional manner. Even if their complaint is something beyond the scope of control of the property manager, it helps if he or she shows that they care.
A couple of extra steps to go above and beyond the average customer service expectations can make a monumental difference in how tenants view their property manager. By making tenants feel valued and heard, a positive change in tenant retention occurs, and thus a positive change in your rental income.