Best Property Management Practices For Better Tenant Retention 

13.04.22 11:54 PM Comment(s) By Assetsoft

Higher tenant turnover means a huge dent in the pockets. Property managers and owners both agree on the excess expenses they incur with each turnover. From fresh property inspection to repairs and finding new renters is a lengthy and expensive process. 

 

The cumulative cost of a single tenant turnover can cost somewhere between $1,000 to as high as $2,500. As a property manager, this data is sure to have you worried. 

Best property management practices for better tenant retention 

Are you a property manager who has been facing a huge loss of tenants recently? Has the rising loss of rent kept you worried? You can start using these proven strategies for better tenant satisfaction and retention. 

  1. Smooth communication 


Good communication is one of the oldest and most approved forms of project management best practices. Be quick to respond and fast to resolve issues. If the high number of tenants make it hard for you to individually pick up calls you can start using the software. A property management software like Yardi can help ease the process. You can address/manage and respond to all issues right from the dashboard and solve them immediately. 

 

Our team at Assetsoft and the Yardi consultant is here to customise the software based on your property management needs. We will also make the tenant data migration and user training trouble-free for a better user experience. 

 

As many as 68% of people are even willing to pay more if they receive good customer service. Get why you need to better your customer service plans? 

  1. A seamless tenant screening process  

 

You must start a thorough tenant screening process to understand the pulse of the situation before onboarding. If you as a property manager fail to understand the true potential of a tenant then you are up for a lot of risks. If you find the process a bit too much you can start using set question templates that you put out on your management website. All of these can be easily done with the MRI software for property management. 

 

The MRI services will help you automate the screening process, background checks, security checks and much more. Shed the dependency on manual screening processes and save time and effort with a new age property management software. 


  1. Good maintenance of property premises 


As a property manager, it is one of your primary duties to keep the property in good, habitable conditions. Lease renewals will go down if they are not prompt to solve maintenance issues. It is a tenant's fundamental right to a proper livable place when they sign an agreement. If you do not keep up to these rules then not only do you stand to lose the tenant. You can also face legal charges, furthering your harassment. 


  1. Start lease renewal incentives 


When the time comes for lease renewal, start providing extra offers and incentives to benefit your tenant. Reward your good tenants, this will give you an edge while contracts are renewed. A small incentive can go a long way.  

 

But it can be a long drawn process if you do it physically. Instead, when you use property management software, you can integrate these features into your system. You can simply upload the free benefits with the rent renewal applications on your user dashboard.  


  1. Survey market rate of rent 


You must know the market you are leasing properties in. In-depth knowledge of what the market rates of leases are in your area, the spending capacity of your potential clients can give you an edge. Knowing this you can even offer small rebates on your lease plans.  

 

Market research says property rentals increased way more than property ownership post-pandemic. If you do your research well you can leverage this data to provide attractive offers on leases. This will give your tenants enough reason to renew contracts and stay back long term. 


  1. Keep little space open for flexibility 

From online rent collection to leniency in collections, you can show a lot of flexibility for long-term residents. It is extremely hard to find good tenants and you must try your best to retain them. The pandemic has for sure made us realise the impotence of unforeseen situations in our daily lives. You need to be open to new forms of tenant interactions and relations when there are genuine problems at play. This will help you develop long-lasting relations with tenants resulting in better retention.  


  1. Always provide proper paperwork 

When it comes to lease and property papers you need to make them perfect to the T. Following all guidelines and regulations while making them is crucial. You need to ensure this to avoid any legal and insurance battles at a later stage.  

 

If you have a property management software in place then getting information from your tenants can become virtual and hassle-free. You do not have to knock on doors to get the ball rolling on the lease papers. This will ease the life and work of all parties involved. From filling out information forms and proofing data given by your clients, you can do it all on your software dashboard. 

 

Get the Best Property Management Software Today!

A property manager being dependable and accessible at all moments of crisis is the best way forward for the real estate business. If you are a property manager of multiple properties then this task might be a little too hard for you. This is exactly why you need the Yardi services or MRI software to take care of your property management needs. 

 

Assetsoft is here to help start your journey with these software. From asset management to project management, the possibilities are endless when you onboard these software. We will guide you every step of the way to integrate and customise them based on your specific business needs. 

 

So, why wait? Call us right away and book a free consultation session with our experts to discuss more on your business needs. Let us help you into a life of seamless property management. 

Assetsoft

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