| It doesn't matter if you manage one unit or a thousand,
resident retention is something all landlords are interested in. "Turning" a
unit (including advertising, cleaning, maintenance and vacancy time) can cost literally
thousands of dollars. Obviously it's worth spending a little extra money on your current
residents to keep them happy. There are a lot of good
suggestions for "pampering" your tenants and making them want to stay. What it
all boils down to is making them feel special, like they are valued residents who are
"home," not just tenants making a monthly rental payment to you. Here are some
of the best ideas I've heard recently:
- "Born Free!" Tell your resident when they move in that they
will not have to pay rent on their birthday! You will pro-rate the rent and reduce it by
one day in the month they were born. Then make a big deal out of it when the day comes.
Send a card, or balloons, or a button she can wear around that says "I'm not paying
rent today—ask me about my great landlord!" You can customize this program to
fit your needs, but the concept is powerful. It will make your tenant feel special (and it
costs you very little!)
- "Grant Them a Wish" A few months after your tenant moves in,
let them know you want to reward them for being such a good resident. Send a card with
three or four things listed, and have them pick a "Wish" to be granted. List
things like "Maid service for one day," "Complete inside & out
detailing of your car," "Take-out dinner for six delivered," etc. These
things will probably cost you between $50 and $75, but the return on your investment could
be great if it keeps a happy, responsible tenant in your home!
- If you have a multi-unit complex with on-site management and maintenance,
you might consider offering one or more of these "concierge" type services:
Copy Service, Postage Stamps, Fax Service, Vacation Services (collect their mail,
newspapers, etc.), half-hour response to minor maintenance requests, etc.
- Remember them on special occasions. You might take Chocolate Eggs on
Easter, Poinsettias in December, Pumpkins in October. You might get the birthdates of each
child and remember them with a small gift on their birthdays. If they have a pet, take
over some catnip or doggy treats. You might also want to invest in Two for One Coupon
books that cover the restaurants in your area and give them to your tenants when they move
in.
- Your attitude. The way you treat your tenants could be the one key factor
to keeping them. A positive, "Yes, I can do that" attitude can be very effective
and it costs you nothing but a smile! The founder of Nordstrom department stores once
said, "I'd rather hire a nice person and teach them to sell than hire a salesperson
and try to teach them to be nice." If you handle the management of your properties
yourself, your positive attitude is entirely your decision. But if you hire people, it
might make sense to look for someone who is positive, upbeat and enthusiastic, then teach
them about the rental business.
Obviously the possibilities are endless. You can come up with lots of
ideas on your own. The bottom line is—keeping good residents is always better
business than trying to go out and find new ones!
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