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How Tenant Retention Strategies Boosts ROI

Enterprise Technology Review | Wednesday, January 08, 2020

An effective tenant retention strategy will help both owners and tenants have a greater understanding of the requirements.

FREMONT, CA: Tenant retention is an inherent aspect of the real estate business. Real estate property managers continuously strive to increase tenant retention rates. Despite the struggles, property managers are finding it challenging to retain the tenants. It may be attributed to reasons like a wide range of opportunities in real estate with the advancement in technology, enabling the residents to explore new properties. Hence, property managers need to put in additional effort to keep the tenants in court for an extended period, thereby augmenting the value of investment returns.

Several pieces of research reveal that property maintenance is a critical aspect that affects the tenant experience. Tenants are likely to search for new residences in case of a delayed maintenance response time. Alternately, an exceptional maintenance service will discourage the tenants from shifting to another property as they might presume to get such service elsewhere. Proactive technology will be a significant factor affecting the quality of maintenance services. For example, the installation of IoT devices in the property will enable collecting data and alerting the property managers before there is a concern for maintenance.

Typically, the landlords and property managers see properties as an asset for generating wealth. Nonetheless, without a tenant, the property may become a burden. Thus, viewing tenants as assets can make an extensive diversity in the rental management strategy. Promptly acknowledging to customer queries and responding phone calls can significantly improve the tenant’s experience. A tenant-centric property management strategy will make the tenants feel treasured and will add to the purpose of tenant retention.

As per the government, property managers ordinarily need to give written notice prior to when they can enter an apartment. However, an added courtesy call will unquestionably boost the regard for the landlords in the eye of the tenants. Further, a call to confirm a visit program will also show a willingness to connect with the tenants on a private level, thereby increasing the chances of tenant retention.

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