There’s always a lot of talk within the property management industry about how hard it can be to find good, high quality, dependable tenants. Something that isn’t always talked about though is how hard it can be to keep those tenants once you find them. Tenant turnover can be a huge expense and major profit loss. This same principal applies to the workplace with finding great employees. It can also apply to an owner – property manager relationship as well.
Most people do a lot of research before they accept a position, hire a manager, or sign a lease. If all of this research has led them to choose you, then you are probably doing all the right things in your business to attract that recognition. But getting these people to stay with you can be difficult.
There are two simple words that can keep good tenants for another year, make sure that your go-to maintenance guy will always be there for you, and ensure that your team will continue to help you grow.
When someone makes a decision to walk through your door, appreciate them. Tenants have a choice of hundreds of available properties and just as many landlords. Employees have the choice from thousands of employers. Property owners can choose from scores of property management companies. When they choose you, don’t take that choice for granted.
Appreciation doesn’t need to be big and over the top. Here are just a few small ideas to give you some inspiration.
- Talk to your coworkers every day for at least a moment.
- Call and check in with property owners to make sure everything is going well on their end.
- Touch base with your owners frequently to let them know how their property is doing.
- Contact tenants on a regular basis to see if there’s anything that needs to be taken care of.
- A small move-in gift, such as a bottle of wine or a bouquet of flowers, for new tenants will be remembered for a long time.
- If you have a multi-family unit, hold a barbeque for everyone.
- Note birthdays on applications and be sure to send a birthday card.
Whatever you choose to do, do it with sincerity. Expressing your sincere gratitude will leave and unforgettable impression on everyone that you touch. This impression will stay with them and be a factor in their decision to stay with you for another year.
Thank you for living with us.
Thank you for working with us.
Thank you for trusting us with your property.
It sounds too simple to be effective, but sometimes the simplest solution is the best one.