As every single-family rental (SFR) property owner/operator can attest, tenant turnover is time-consuming and costly, and a tenant’s rental experience can significantly enhance (or diminish) the odds of a lease renewal.
So, what can you do to keep tenants happy? Spoiler alert: It’s a property that shines!
Here are the nine best practices that can help you create a positive tenant experience at your SFR properties and help minimize your turnover rates.
To get your relationship off on the right foot, your tenant turn process should make move-in a breeze for renters, from staying on schedule to ensuring the property is clean, repaired and move-in ready. Ease the process by keeping your tenant turn partner in the loop on upcoming transitions so they can mobilize quickly to make sure the property is at its best for the next renter when they move in.
You can keep the lines of communication open with your tenants via a robust technology platform where they make monthly payments and request assistance with maintenance and other issues. And while regular email reminders for preventive maintenance checks are a must, make sure you respond promptly to their repair questions and concerns as well.
Having boots-on-the-ground professionals available to handle occupied maintenance means fewer callbacks and headaches and higher-quality work overall. Plus, effectively handling issues and repairs means your SFR property will generally remain in better condition (and maintain its value). Again, leveraging technology that allows tenants to submit repair requests with details and photos can help make repairs easier and quicker.
Repairs are obviously not the only maintenance your SFR property needs. Ongoing preventive maintenance for critical items like HVAC and water heaters can lengthen the life of those systems and even potentially prevent unnecessary breakdowns and disruptions for tenants (and costs for you). Consider implementing a comprehensive regularly scheduled preventative maintenance program for your portfolio or, at minimum, have maintenance technicians responding to repairs check HVAC filters and other basic items when they visit a property.
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Making a tenant’s rental experience positive can be as simple as making it easier overall where you can. From how they pay rent and request maintenance (such as via an online portal or app) to lease renewal, the focus should be on simplifying workflows and processes to remove barriers that could prevent or delay their responses or cooperation. Shorter processing timelines can lead to shorter down times which helps keep revenue flowing.
Updated interiors and appliances aren’t the only modern perks that renters are seeking. Many also want smart home technologies that can make their lives easier and safer. Consider adding tech items like smart thermostats, locks, security systems, lighting and more to your SFR property.
Listening to tenants and being receptive and responsive to their feedback is one of the easiest (and least expensive!) ways to create a positive experience for them. Tenants who feel heard will also be more likely to pay their rent on time and let you know about issues with the property that you can proactively address. Even if it’s not possible to implement all their ideas, be sure they know they’ve been heard by explaining the “why” behind a decision and showing your appreciation for input. Then, take it a step further by seeking additional feedback via surveys or post-maintenance feedback forms.
Make tenants want to stay longer by offering rental incentives during their lease renewal process. A minimal discount on the first month’s rent of a renewed lease is a common perk, but don’t be afraid to get creative with items like appliance upgrades (when they’re nearing their end of life), landscaping upgrades or even the simple addition of enhanced shower heads. You may also want to consider incentives for signing a longer lease, which can enhance predictability for you and for them.
Feeling like they are part of a strong community can help bond renters to your SFR property and enhance their experience. If possible, consider hosting activities or events that give them an opportunity to engage with other residents in the neighborhood.
Tenant retention does require effort and focus, but following these best practices can help you create a positive experience for your tenants and maximize your SFR investment.
If you’re in need of a trusted SFR services partner to drive tenant retention for your properties, consider MCS. We can help with everything from preventive maintenance and renovations to tenant turns. Contact Jason Myers or Kerry Anderson at MCS today to learn more.