Property ownership goes beyond a financial investment in a home or building—it’s about finding and keeping the right tenants. Securing long-term tenants is key to maximizing your investment, ensuring steady revenue, and saving on costs over time. By entrusting Deca Property Management to focus on retaining tenants for your property, you can become a more profitable and sustainable business owner.
Tenant retention focuses on promoting longevity with your tenants. To maintain your tenants, it is essential to have a plan with the well-being of tenants at the forefront. This incorporates building formidable relationships, ensuring multiple avenues for communication, being accessible as often as possible, and staying consistent with lease renewals. This serves as a foundation of transparency and builds trust with the tenant. Trust frequently leads to a higher retention rate because they have an idea of the end product.Â
To achieve these goals, Deca provides multiple services to keep our tenants coming back:
1. We make it a priority to be reachable and responsive any time of day with our 24/7 call assistance. This means maintenance help is readily available for tenants to ensure their complications are subsided as efficiently as possible.
2. We offer multiple methods of rent payments including paying automatically online, paying by mail, paying cash close, and paying in person. No matter which way the tenant prefers to submit their payment, we make it accessible for them.
3. We enroll all of our tenants into a Resident Benefit Package (RBP). Our RBP provides many beneficial services consisting of, but not limited to, renters insurance, identity protection, credit building, and filter delivery service.
From the outside looking in, a high retention rate is attractive to potential tenants. Once multiple tenants trust our services and renew over time, it leads to positive reviews and recommendations for others, causing a spike in interest surrounding your properties. It helps build a trustworthy reputation as it brings awareness to better quality tenants for your properties.Â
When a tenant is dissatisfied with their experience, it can cause a significant financial setback. The cost of losing a tenant can range anywhere from $1,000 to $5,000. The turnover costs of repairs, cleanings, administrative costs, marketing to new tenants, and vacancy periods add up over time, making it an expensive challenge to overcome. Potential tenants want to know what they’re getting into, and having a low retention rate can deter them from signing a lease.Â
Tenant retention is the key to success as a property owner. At Deca Property Management, we utilize these techniques to show that your tenants are the top concern, while also maximizing your investment to its fullest potential. By prioritizing meaningful connections and personalized experiences, we can ensure our tenants feel truly at home, leading to long-term satisfaction and retention.Â