3 Keys to Tenant Retention

3 Keys to Tenant Retention

As real estate investors we are constantly looking for how we may better maximize the return on our investment.  At Frank Moore & Company, we examined the various aspects involved managing rental property and have identified the vacancy rate as a leading indicator of an investment's performance. Vacancy, with its accompanying expenses, may be the single most critical event that compromises the annual return on a rental property. Keeping good tenants in place for longer periods of time will undoubtedly increase the performance of that investment! To serve our investment community we would like to share three key areas that affect your tenant retention. 

1. Maintenance Services:  Many studies show maintenance is a huge point of impact in the satisfaction tenants receive while renting a home. Having slow maintenance response times or having vendors that do not get the job done completely will have a good tenant searching for a new residence and landlord. We recognize the importance of this and actively seek to give stellar service and quick response times all while saving our clients as much cost as possible. We have a full time maintenance coordinator and a growing list of insured vendors who are highly skilled in their trades! If you don’t believe the impact this has, here is just one review we received from one of our tenants through our post maintenance surveys:

I am always pleased with the quick response. I have reconsidered plans about moving because I doubt I will find such service elsewhere. Thank you for the great service as our Landlord.

2. Customer Service:  We all recognize our rental properties as an asset for building wealth but without a tenant in the home paying rent is the property an asset or liability? Taking the perspective the tenant is actually the asset flips the conventional paradigm on its head and makes a huge difference to the rental management approach.  Treating your tenants with respect can go a long way. Making sure you return phone calls promptly and deal with issues surrounding the home will create an experience for your tenants that will encourage them to stay with you as long as possible. We at Frank Moore & Company, LLC have a team of 5 highly engaged individuals (4 are landlords themselves) that step up to the plate each day of the week to provide great customer service to our residents!

3. Technology: Many renters today expect a certain level of convenience that technology brings. This trend will only continue as newer generations enter the marketplace. The level of technological convenience you provide plays a huge role in how long renters stay in your properties and how often they recommend them to friends.  We invest and embrace new technology that helps our residents and investors win! Through our website and mobile app, tenants can pay their rent online, submit maintenance requests online, apply for new properties, and sign leases.