How do you keep tenants and increase occupancy rates?

1 Offer value and incentives

One of the best ways to keep tenants and increase occupancy rates is to offer value and incentives that make your properties stand out from the rest. Value can be anything that enhances the quality, convenience, or comfort of living in your property, such as upgraded amenities, regular maintenance, responsive service, or flexible lease terms. Incentives can be anything that motivates or rewards your tenants for choosing or staying in your property, such as discounts, referrals, loyalty programs, or freebies. By offering value and incentives, you can show your tenants that you appreciate them and that you are willing to go the extra mile to meet their needs and expectations.

2 Communicate and engage

Another way to keep tenants and increase occupancy rates is to communicate and engage with them regularly and effectively. Communication is key to building trust, rapport, and loyalty with your tenants, as well as to resolving issues, providing feedback, and collecting rent. You can communicate and engage with your tenants through various channels, such as phone, email, text, or social media, depending on their preferences and convenience. You can also use newsletters, surveys, or events to keep them informed, involved, and satisfied with your property and your service. By communicating and engaging with your tenants, you can demonstrate your professionalism and care, as well as to identify and address their concerns and requests.

3 Market and advertise

A third way to keep tenants and increase occupancy rates is to market and advertise your properties effectively and strategically. Marketing and advertising are essential to showcase your properties to potential tenants, as well as to remind your current tenants of the benefits of living in your properties. You can market and advertise your properties through various methods, such as online listings, social media, flyers, signs, or word-of-mouth, depending on your target audience and budget. You can also use professional photos, videos, or virtual tours to highlight your properties' features, amenities, and location. By marketing and advertising your properties, you can increase your visibility and exposure, as well as to generate more leads and inquiries.

4 Screen and select

A fourth way to keep tenants and increase occupancy rates is to screen and select your tenants carefully and wisely. Screening and selecting your tenants are crucial to ensure that they are qualified, reliable, and compatible with your properties and your policies. You can screen and select your tenants by using various criteria, such as credit score, income, rental history, references, or background checks, depending on your standards and requirements. You can also use online applications, interviews, or tours to assess your tenants' suitability and interest. By screening and selecting your tenants, you can reduce the risk of late payments, evictions, damages, or disputes, as well as to increase the likelihood of renewals, referrals, or reviews.

5 Monitor and improve

A fifth way to keep tenants and increase occupancy rates is to monitor and improve your properties' performance and quality. Monitoring and improving your properties are important to ensure that they are in good condition, compliant with regulations, and competitive with the market. You can monitor and improve your properties by using various tools, such as software, reports, inspections, or audits, depending on your goals and needs. You can also use feedback, suggestions, or complaints from your tenants or prospects to identify and implement areas of improvement or innovation. By monitoring and improving your properties, you can maintain or increase their value, appeal, and functionality.

6 Learn and grow

A sixth way to keep tenants and increase occupancy rates is to learn and grow as a property manager. Learning and growing are essential to enhance your skills, knowledge, and experience in the property management industry, as well as to adapt to the changing trends, demands, and challenges of the market. You can learn and grow as a property manager by using various resources, such as courses, books, podcasts, or mentors, depending on your interests and availability. You can also use feedback, reviews, or testimonials from your tenants or peers to evaluate and improve your service and reputation. By learning and growing as a property manager, you can increase your confidence, credibility, and competence, as well as to achieve your personal and professional goals.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?