Tenant Retention Stratagies

 Rent payment moratoriums are coming to an end and now we will be faced with a wave of defaults and evictions will begin! Being proactive is going to be the key to successful navigation during the next few months. 

I can assure you that the eviction courts will be backed up and I have suspicions that the courts will not be in a hurry to issue numerous evictions. I could foresee courts requesting that owners and tenants work out a repayment plan or other solutions rather than eviction.  

New tenants in the market will be reluctant to sign long term leases and will be looking for lower rent prices. Many of them are expecting rents to drop and they are unsure of what is coming next.

Be proactive and keep your best tenants. Giving some grace on rent payments, setting up a workable repayment plan to possibly giving allowances for minor repairs may help them avoid cheap apartment hunting!   

One vacancy typically costs 1 to 2 months rent equivalent. It is worth avoiding -if possible in the near future. The pain involved with move out repairs, utility expenses, vacancy and uncertainty in the market right now can really put a stress on your budget. This can be compounded by lack of rent for the past several months. 

Comfort is key. Financial pressure is not the only reason that tenants may choose moving out vs. working it out. Tenants may feel tension from mounting feelings of frustration, worry, hopelessness and disappointment. You can help them navigate through their feelings- moving may not be in their best interest- or yours. Put yourself in a positive, caring frame of mind before you communicate anything to tenants. Be polite, courteous and professional because the tone of your voice and conversation is what they hear.

Here are few of the things that Results Realty has done recently to improve our retention for our owners.

1. Extend the lease agreement by 1 year, reducing the rent to accommodate an affordable repayment plan. 

2. Tenants who must move due to extreme income reductions are encouraged to assist our office in releasing the unit. We have offered an incentive to show the property while still paying rent. 

3. Free rent for a month and flexible repayment plan for missed rent. 

It’s great to rev up your imagination about how to keep tenants feeling content and comfortable. It’s going to give you the energy and optimism to create this plan and carry it out.

If you would like more information or are in need of property management in the Las Vegas NV area please contact us, we are glad to assist you. 702-685-9999