As a property manager, you are always coming up with new ways to find responsible renters to move in—and stay in—one of your properties. Keeping tenants on a long-term basis costs you less money over time because you don’t have to worry about vacancy or the hassle of screening new renters.
Encouraging tenants to stay can be as simple as offering a few small perks that establish a positive, long-term relationship and make your residents feel happy and at home.
Here are 5 tips for encouraging your tenants to stick around:
1. Provide a Gift Upon Move In
Make a great first impression with your newest renters by providing them a small housewarming gift upon move in. You can surprise tenants by leaving the gift in their new home, or give it to them yourself when you hand over the keys. Pick simple gifts that are both cheerful and practical, so your tenants feel welcome.
2. Offer Referral Bonuses
If you or your company manages a multi-family building, a large apartment complex, or other high-occupancy property, encourage your current tenants to stick around and attract new residents for you by offering a referral bonus.
For a referral program to work well, it must be worth the time of the tenant—they will be providing free marketing for you, after all. Instead of offering a skimpy 10% discount on a month’s rent, or a $50 gift card to a local restaurant, make the referral bonus something tenants will actually be motivated to earn. Offer 50% off one month’s rent, per successful referral, or a full month’s rent free to the tenant who refers two successful candidates to your property.
Get tenants informed and enthusiastic by typing up an agreement that residents who wish to participate in the program can read and sign. Include all the details of the program, such as how long the new tenant needs to stay in the apartment and how to claim the referral, then sit back and enjoy the benefits of easy marketing.
3. Hold Tenant Nights
If you or your company manages an apartment complex, host a special event just for tenants every month to make them feel welcome in the building. This will help build a sense of community with other residents, giving your tenants opportunities to make friends and develop social circles within the property that really make it feel like home.
4. Let Them Pay Digitally
Take the headache out of collecting and paying rent by allowing your tenants to pay online. Options abound when it comes to digital platforms for accepting payment. From services like PayPal that allow users to send the rent directly to your email address, to websites like Cozy that enable property managers to collect rent payments for free, the online and mobile platforms for rent collection are accessible and easy to use. Find what works best for you and your tenants, so that dealing with that monthly payment is never a hassle.
5. Fix Maintenance Requests Quickly
You wouldn’t want to have to wait days if your bathroom sink was leaking or your refrigerator was on the fritz—your tenants don’t either. Commit to fixing any maintenance requests in 24 hours or less. If that isn’t possible, offer your tenants a discount on the next month’s rent, and give them a clear timeframe for repairs that they can plan around. Tenants who feel their property managers are both efficient and empathetic will be much more likely to stick around.
