May 3, 2023
Tenants are the backbone of any and all multifamily real estate properties. Without loyal and happy tenants you would not be able to maintain or keep your property or have the opportunity to grow your portfolio and invest in more properties. Avoiding unwanted vacancies and listening to what your tenants want to see and hear, is a great way to lower turnover rates and increase the retention rate, keeping you and your property manager happy. To create a high return on investment within your property you will need to invest time and finances into the property to provide your residents with an overall great, clean, pleasing experience that will make them not want to move away. That is why our team of experienced multifamily real estate professionals has compiled our top tips on how to attract and retain tenants at your multifamily property.
Top 4 Tips For High-Tenant Retention
Provide Them With a Rent-Ready Unit
To get people to want to move in quickly and immediately, you should provide them with a tenant-ready unit. This includes clean carpets, fresh paint, cleaned appliances, mowed grass, and overall well-maintained property. This is important because no one is going to want to spend even more money on a unit that needs work, cleaning, and upgrades. By showing off and presenting the unit in a well-maintained state, you are showing the viewer that you care about the property and the maintenance around it.
Commit To Necessary Repairs
Maintaining your property and committing to repairs is obviously one of the best ways to overall improve property value, but it is also a great way to attract and retain your tenants. This is because every tenant wants a landlord that is constantly making improvements and updates.
While you do not have to make improvements every week or month, they are nice to include from time to time. Upgrades go a long way with tenants as they show that the owner really cares about them and their living experience. Making them more likely to renew their contract, keeping them at your property.
Tenants love and appreciate the convenience. Creating convenient ways to submit maintenance tasks, call for a lockout, pay rent, etc. is a great way to attract and keep tenants. These are all small fixes that make a big difference when it comes time to renew.
In Search Of A Multifamily Property? Contact The Multifamily Firm Today!
The Multifamily Firm is a premier investment real estate brokerage exclusively focused on the disposition & acquisition of multifamily properties. Based in Sarasota and Tampa, Florida, the firm is strongly positioned at the epicenter of economic growth and activity on the West Coast of Florida. If you are looking for a multifamily property please feel free to contact us via our contact form or by calling us directly at 941-444-6160. We look forward to speaking with you soon!