Property ownership can be rewarding if you know what you're doing.Your hard work and investment are worthless without tenants filling your vacancies and making you money. How do you get and keep satisfied tenants at your property? By following a few simple tips for resident retention.

Have good maintenance practices

One of the top complaints with unsatisfied tenants is unresolved maintenance issues. Either property management is slow to respond or they don't at all. Don't let this be a problem for you. Always make sure the building is in good condition in between tenants. Follow up on maintenance requests and do it in a timely manner. The more you keep your residents satisfied, the longer they'll want to stick around.

Keep the property clean and in good condition

It's not uncommon to see sparkling new buildings that attract residents with no problems. A few years down the line, those same properties sometimes lack the same luster. Tenants want to be proud of where they are living. Pick up trash and debris around the property. Power wash and paint the building as needed to keep it looking brand new. Make sure common areas around the property are clean and chairs are in good condition. Residents won't be able to resist a place that's pleasing to their eyes.

Build relationships

It's still about who you know and how you make them feel. A rigid management and tenant relationship won't keep residents around. They want to feel comfortable and welcomed where they live. Take the time to greet them and have short conversations. Show your appreciation through community events and small gifts. Try to resolve conflicts in a way that both can be satisfied. Residents want to feel like you care.

Make things convenient

To retain residents at your property, you should do the same things you did to get them there. Have amenities like a nice pool area. Set up a cafe with free WiFi and snacks for tenants. You can even have an area for them to reserve if they want to entertain guests. At the time of renewal, offer an incentive or discount for re-signing the lease. These perks will make it hard for residents to go anywhere else.

Stay up to date with technology

You can upgrade technology on any portion of the plans for your residents. Where you should start though, is with your payment options. It's hard to think something as simple as online payment options can be a deal breaker. It can and it will. Many people want the flexibility making rent payments whenever and wherever they want. They also feel it's safer than leaving a check in a drop box. As you make tech adjustments around the property, residents will notice the changes and they'll want to stay.

Turnover is inevitable and comes as a risk of doing business. To make money, your job as a property owner is to minimize your risk. Resident retention with the tips above is how you minimize risk. It all comes down to taking care of your property, maintaining good relationships, and treating your tenants right.

If you need a property management consultant, contact the team at Occupancy Solutions today!