Lease Retention: An Easy Way to Grow Your Net Operating Income

Maintaining current tenants is an easy way to increase the net operating income for a building, yet it is often overlooked. This handy tool from StatisFacts shows the dramatic difference that keeping current tenants, instead of finding new ones, can mean for property owners.

So how does one go about increasing lease retention? Here a few simply ideas that will go along way:

  • Always respond to current tenants’ phone calls, messages and emails before attending to prospective leads. Receiving a timely response to an expressed concern is one of the easiest ways to improve a tenant’s relationship with a building’s management.
  • Communicate your plan for addressing tenants’ problems and let them know of any delays or set-backs you encounter while trying to solve their issues. Most tenants will be understanding and gracious if they are looped in on the process.
  • Follow up on completed projects and ask for feedback. Was the problem solved to a satisfactory degree? Was it completed in a timely manner? What could have been done better?

Communication is key to keeping tenants in a unit. When people find a building managed in a way that prioritizes their needs, they’ll be motivated to stick around year after year.

What are other ways that you encourage tenants to renew their leases? Tell us in the comments below, on Facebook!

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