Improving Tenant Retention in HMO Propertieses: Strategies That Work!
As a trusted HMO property management company in Liverpool, the team here at Portus Lets Ltd understand the importance of improving tenant retention in HMO properties. Finding a strategy that really works is crucial for any landlord who wants to keep a regular income coming in and maximise the return on their investment.
If HMO rooms stand vacant, they’re costing you money. Not only that, but the process of sourcing and leting to new tenants is time-consuming and costly. With that in mind, it makes sense to pull out all the stops to ensure maximum tenant satisfaction so that your existing tenants stay for as long as possible.
So, what’s the best approach to tenant turnover management? The answer lies in providing value-added services for tenants so that they are keen to stay in the long-term. Here are a few strategies that have been proven to work time and again to give your mission to boost tenant retention a kickstart.
Prioritising Property Maintenance
One of the most important areas to focus on when it comes to tenant retention is property maintenance. Of course, as a HMO landlord, you have a legal obligation to ensure your property is fit to live in. However, you should certainly go above and beyond this basic requirement to keep your tenants happy.
HMO tenants in Liverpool find it frustrating and annoying to wait for vital repairs to be done, especially when the problem is encroaching on their lives. That means you need to be responsive and proactive when it comes to all maintenance requests. Make sure you have a strong network of trusted tradespeople who you can call on to get the job done promptly so that there will be minimal delays.
Carrying out regular inspections to identify potential issues is vital as this will allow you to get on top of any problems before they get out of hand and cause irritation for your tenants.
Focus On Responsive Communication
When your tenants need to get in touch with you, they want the process to be simple and straightforward. In our modern digital word, it’s never been easier to communicate quickly with your tenants. Whether by email, text, telephone, or messaging app, you need to make sure that you’re available and responsive whenever you’re needed.
When you communicate well with tenants, you’ll be beter able to forge positive relationships which, in turn, will ensure greater tenant satisfaction and higher levels of retention.
Keep Monthly Rental Prices FairIt can be very tempting to continue raising the amount you charge in rent every year to maximize your profits. However, in today’s cost-of-living crisis, more than ever, this can be a counterproductive approach. One of the major reasons for tenants moving on is because they are faced with unfair increases in their monthly rent. However, if you offer your tenants an atractive deal, they’re far more likely to stay around, making regular payments. Make sure that the approach you take to any rent increases is balanced and fair. Ensure the amount you’re charging is competitive to that charged for other similar properties nearby and keep any increases modest.
Be Flexible
Tenants want their home to be their own, even when they’re renting, and you’re far more likely to have satisfied tenants if you’re prepared to be a little flexible. For example, you could consider allowing them to decorate their rooms in their own way on the understanding they’ll return them to their original condition before they move out.
Using the services of a trusted HMO property management company in Liverpool is one of the easiest and most effective ways to ensure maximum tenant satisfaction and retention.
As experts in the field, we know what HMO tenants in Liverpool want and need and are dedicated to ensuring their expectations are not only met but exceeded.
Give us a call on 0151 329 3538 or email us at hello@portuslets.co.uk to find out more about how we can help you manage your HMO.