Property managers need to retain as many good tenants as possible. After all, you can improve the property and pay your employees well when you have more occupants. Living conditions increase when tenants abide by lease terms and take care of the property.
Perhaps you’ve noticed that some of your best tenants have started leaving but are unsure why. Here are four reasons you might have trouble with tenant retention.
#1. Increased Rent
As the cost of living increases, so does the rent, and the real estate market has developed considerably over time. So, when the time for lease renewals arrives, your current tenants may balk at the new amount. Instead of staying, they may seek lower-cost locations that provide similar amenities.
Consider negotiating with tenants if an empty unit costs you more than an occupied one at a lower lease amount. If you do not have many seekers, you are often better off with a known, decent tenant.
#2. Unaddressed Maintenance or Property Issues
Tenants generally expect property managers to attend to maintenance requests as soon as possible. Additionally, tenants that follow property rules and regulations may find more unruly occupants disruptive. If they find the response or the time spent before addressing the issue lacking, they may decide to leave.
Double-check with your building occupants to ensure you resolve their maintenance requests promptly. Also, try presenting opportunities for them to express any dissatisfaction they may have with the property. These methods lessen the amount of time they have to build resentment over potential issues.
#3. Poor Communication
A component of tenant retention comes from communicating with them. When building occupants feel their needs or opinions do not matter, they become more likely to leave. For example, they could try to communicate maintenance issues but do not have a way to do so.
All property managers should ensure that their tenants have a way of contacting someone when they are in need. Examples include having an online message system to intake maintenance requests or a phone number for emergencies.
#4. Changes Generally Outside Your Control
Sometimes, your retention rates may not be where you want them to be for reasons you cannot control. For example, if the neighborhood environment becomes less safe or the tenant’s family grows. In such cases, you and your building may need a level of adaptability.
To increase property security, you can install new safety measures, like key fobs, bolt locks, and cameras. If the family grows more than the property can handle and you have other locations, consider recommending them. Solutions change depending on the problem.
Retain Your Tenants With SWFL Commercial Group
When you have issues with tenant retention, consider hiring professional property management services to help. SWFL Commercial Group helps Florida landlords and property managers find relief in maintaining good relationships with decent tenants. From communication and maintenance to rent negotiation, you can rely on us to keep everyone’s goals in mind.
Contact SWFL Commercial Group at (239) 510-3606 to learn more about how we can help you.
