Increasing your tenant retention rates will help you earn more cash flow as a rental property investor. There are several things you can do to improve the likelihood that your tenants will say in your residential or commercial property.
Hire a Professional Wichita Property Manager
The number one thing you can do to increase tenant retention is hire a professional property manager. This is important for a number of reasons. Most of the high level reasons include the systems that property managers have in place for your benefit. We have the technology and the procedures that make paying rent easier for your tenants. They can also submit maintenance requests online, and we are able to respond quicker because of our existing relationships with vendors. This keeps your tenants happy and when tenants are happy, they tend to stay in their rental homes. A professional property manager’s resources go a long way towards tenant retention.
Provide Structural Flexibility for Commercial Tenants
On the commercial side, there are a lot of structural things that work in your favor. For example, if a tenant needs a customized location or build-out, accommodating that need will increase your retention because not a lot of people are willing to do that. You see this a lot in the medical space, when clients need a room configured for their equipment. You might see it in an industrial space if there are warehouse needs. When you are flexible with build-outs on the commercial side, you’ll have a happy tenant who stays for a long time.
Provide Incentives for Commercial Tenants and Landlords
The other thing you can do on the commercial side is to align the incentives for both the renter and the landlord. Some units have revenue sharing, and sometimes it’s as basic as making sure your complex is clean and leased out. When you can keep all spaces full, you’ll get more foot traffic and higher rents. Everyone is happy and willing to continue working with you.
If you have any questions about tenant retention or how to manage properties in Wichita, please contact us at Property Management Partners. We provide full service management for both residential and commercial applications.