Tactics for Tenant Retention
With the availability of rental stock in Wellington at an all time high, and good tenants becoming harder to secure, its become even more imperative to do what you can to retain existing tenants where possible.
Here are some top tips from the team on what can help retain existing tenants and avoid the uncertainties of a vacating tenant.
Keep up with maintenance and repairs - Ensuring that any issues are dealt with in a timely and efficient manner will show your tenants you are proactive and want to ensure the property is well maintained for them to enjoy. Consider talking through with the tenant if there are niggles or repeating issues that you can put a proactive plan in place to prevent in the future.
Consider improvements to the property where feasible - If there is scope to do some minor improvements around the property with the tenants consent, it may be worth talking this through with your tenant to enhance the property and make it a more appealing place to be for your current (and future) tenants.
Be flexible in regard to minor changes/personalisation of the property - Consider being open to the tenant making changes to the property such as painting some walls, putting up fixtures etc. If the tenants feel they can make the property more of their own they may be more likely to stay put longer.
Consider allowing pets - With pet provisions coming into force soon, now might be the time to get ahead of the changes and be open to allowing your tenants to keep pets at the property. You can use a 'Pet Agreement' to outline any conditions agreed. Tenants with pets can often stay longer due to the challenges of finding pet friendly rentals (although this may become less challenging in the near future)
Ensure prompt and clear communication to build positive landlord/tenant relationships - Communication is always key, and the relationship between the landlord and tenant can be make or break when it comes to retention. If tenants don't feel comfortable being able to come forward with issues or maintenance they are much more likely to move on.
Offer Tenancy Renewal incentives - Fixed term tenancy coming to an end? Renewing a fixed term tenancy for a further period gives peace of mind for both parties. Whether its a one off incentive or a reduced rent in exchange for signing up for another term, consider what you might be able to offer at renewal time to stop your tenants shopping around.
Meet the market - Rent levels are under pressure, and tenants are becoming more aware of this and are looking at their options all the time. If the rents in the area have reduced, keep an eye on this and consider whether adjusting the rent to a lower level might be appropriate.
Use a good Property Manager who focuses on relationships not just ticking boxes - A good Property Manager who focuses on building and maintaining good relationships with their tenants and has systems and processes to make their lives easier can contribute to tenant retention.
In today’s competitive Wellington rental market, utilising some of the suggestions above will ensure you’ll be well placed to keep quality tenants for the long term and avoid the uncertainty of sourcing replacement tenants.