Tenant retention is an excellent strategy for increasing what you earn in the short term and the long term, but it’s also something that owners and investors tend to forget about when renting out a property in Dallas-Fort Worth. Finding good tenants is important. Retaining them is even more important.
Here’s why tenant retention matters:
- It reduces vacancy costs.
- It reduces turnover costs (these are always more expensive than you anticipate).
- It provides stability and protection for your investment property.
Make tenant retention a priority. We have some tips on how to do that.
Establish a Positive Relationship with Dallas-Fort Worth Tenants
When you can establish and maintain a positive and professional working relationship with your residents, you’re more likely to keep them when the lease term ends. Tenants who are happy in their homes and trust and enjoy working with their landlords are not going to move if they don’t absolutely have to.
Some of the best ways to ensure your relationship is where it should include:
- Providing a smooth move-in experience
- Sharing expectations transparently
- Communicating responsively and proactively
- Responding right away to maintenance
Leave your tenants alone to enjoy their homes. They don’t want you showing up every few weeks. But, you do need to remain available and accessible in case there’s an emergency or something is needed. Find the right balance so you can be supportive and resourceful but not overbearing.
Make Sure You’re Providing a Great Rental Experience
What your Dallas-Fort Worth tenants really want is a positive, stress-free rental experience. When you can provide them with that, you can expect to retain them.
Online rental payments, online maintenance requests, and pet-friendly policies all go a long way in delivering a rental experience that tenants appreciate. When tenants move into a rental property that’s clean, functioning, and welcoming, they know they’ll be able to trust you and your ability to maintain their home.
Tenants want efficient, easy-to-follow systems. They want clear expectations and responsibilities.
Be responsive. That will lead to a positive rental experience and a likely lease renewal.
Simple things can also go a long way in making your tenants feel valued and appreciated. Consider sending birthday cards or treats at holiday time. Provide a welcome gift when they move in.
Renew with a Reasonable Rental Increase
The Dallas-Fort Worth rental market is seeing rising rents, and if you study what similar homes to yours are renting for, you’ll likely see that a rental increase is in order at renewal time.
You should raise your rent at the end of your tenant’s lease term, but don’t raise it so much that your tenants decide they need to move out. Most of your residents will expect the rent to go up a little bit. They’ll prepare for that. But, if they believe your rental increase is higher than what they could find elsewhere, they’ll likely look around.
Provide data to back up your new rental amount, and let them know that what they’ll be paying is still lower than market rents in other parts of the neighborhood.
These are some of the best ways we’ve found to retain tenants. If you’d like some advice that’s specific to you and your Dallas-Fort Worth rental property, please contact us at Assign Property Management.