You did it! You finally finished making your rental property in Colorado Springs, CO, ready for occupancy. All you need to do now is market it and screen prospective tenants, right?
Not so fast. Those tasks are undoubtedly crucial, but now's also the best time to consider tenant retention programs. These programs can help attract the best tenants and encourage them to renew their leases.
We've shared our top strategies to help you get started, so read on.
Consider Allowing Pets in Your Rental Property
According to a survey, 90% of renters own pets. Over half of those who don't have one yet said they plan to get one soon.
That should tell you how allowing pets in your rental property can expand your tenant pool. They can also encourage existing renters who wish to have pets to remain on your property. It's hard to find pet-friendly housing nowadays, so if you allow pets, your tenants who want to become "fur parents" will likely stay longer.
Provide Multiple Communication Platforms
On average, Americans text twice as much as they make phone calls. However, many still prefer calling over texting, while others favor email messaging.
Because of those varied preferences, you, as a landlord, should consider using all those platforms to communicate with tenants. That way, they can choose their preferred method to reach out to you, such as:
- A text message to let you know they've already paid their rent
- A phone call to report an issue with your rental property (e.g., a water leak)
- An email with a copy of their rental payment receipt attached
Providing tenants with multiple means to contact you can reassure them that you're just one text/call/email away. That can foster positive emotions in them, which can then make them more likely to agree to lease renewals.
Develop a Resident Benefits Package
The average rent in Colorado Springs is about $350 lower than in Denver. However, salaries are also around 15% lower here. As such, offering a small discount as part of your tenant benefits package is something your tenants will likely appreciate.
You might also want to consider offering free Wi-Fi. If your tenants need a higher internet speed rate (which can cost more), you can share a portion of the monthly fee instead. That can help lower their expenses, which, again, is something they'll appreciate you for.
The more your tenants appreciate you, the more likely they will stay and renew their lease. If you're unsure how to craft a benefits package, a rental real estate property management company can help.
Let Colorado Casa PMI Craft Your Tenant Retention Programs
As a leading provider of full-service property management solutions in Colorado Springs, CO, Colorado Casa PMI specializes in developing custom tenant retention programs. We can work with you from the start, conducting a rental analysis, screening tenants, creating benefits packages, performing rental collection, and overseeing property maintenance. We have numerous guarantees in place, including eviction protection.
Colorado Casa PMI is a proud member of PMI, a nationwide property management company that has been in service for over twenty years and manages over $5 billion worth of assets.
So, speak with us today! We look forward to sharing what we can do for you, including giving you a free rental analysis.
