It’s August in Wisconsin and it’s hot. Why on earth would you want to worry about keeping tenants through the winter months? However, now is the perfect time to boost tenant retention. Families in Appleton are starting to gear up for the school year. They’re buying supplies, clothes and making their final vacation plans.
If you rent to families, you may think they’ll stay indefinitely. Yet, you don’t often think about whether or not they plan on staying come December, but you should. While the weather is nice, you should send a survey to your tenants about a few items which would make their homes more comfortable once the weather cools off.
Repairs and Weatherization
As a property owner, you want to keep a pulse on the condition of your rental property. It’s best to make any repairs or replacements when your units are turning over. However, after your tenants have been in the home and become adapted to the quirks of the property; it’s a good time to ask about any repair issues that have popped up.
You’ll also want to ask about any issues in keeping the home cool during the summer. You may need to weatherize or replace windows or doors before winter.
Talk to the tenants about the property. Ask them how they are adapting to their new home. This will show them you care about their well being. From a property management standpoint, you’ll stay on top of any repair issues before they become worse.
Setting Up a Lease Renewal Bonus
While property management companies try their best to have lease renewals occur during the summer months, that’s not always possible. Tenants have the right to move out any time they want, even if they are held to lease dates. Depending on the lease agreement, tenants may pay for the months the units sit empty. However, you can’t keep them from moving.
So why not sweeten the deal? If you have lease renewals coming up, throw in something extra. If they’ve been tenants for a long time, a free month for a year renewal might make sense. Another idea is you might be able to do a minimal rent decrease for signing a 2-year renewal. Especially if you know they’ll stay longer than a year, Get creative. You don’t have to give away all your cash flow. Any form of goodwill will be graciously received by your tenants.
Be a Nice Person
Happy tenants, stay. Around the holidays consider sending your long term tenants a little holiday cheer. Consider a gift certificate toward groceries to boost tenant retention. A gas card to cover travel expenses or a holiday basket of goodies would be nice. The unexpected token of your holiday spirit will have tenants realizing you really are a good person.
With tenant retention you want to focus on ways to keep your tenants happy and your property in good condition. If you have any concerns about appropriate ways to provide amenities to your tenants at a reasonable cost contact your property management company or Day Property Management to help you with those questions. Feel free to contact Day Property Management at 920-968-0626 or fill out the contact form.