Ways ToBoost Tenant Retention For Higher ROI

So many companies can help you construct a new property, but not all of them can stay with you long after the work has been done. Only a few reputable names can help you even when you decide to earn money using your property. You can offer your property for rent and make money, but it is important to understand how you can increase the retention rate to get the best return on investment. Here are some tips offered by a construction and property management company, TPM Builders Commercial Construction.


Survey TheMarket

Market surveys are important if you want to retain your tenants for a longer time period. If your rental charges are higher than the other apartments in your area,you are likely to lose your tenants as they would prefer an apartment with lower rental charges. Here your friendly and caring attitude towards your tenants will most probably fail to help you in tenant retention.

Market surveys also help you in knowing what facilities are being offered to tenants by other landlords in your area. If you are unable to provide sufficient facilities to your tenants, you won’t be able to attract good tenants. The best way to get an idea about the facilities being offered in your neighborhood is to visit the vacant apartments available for rent personally. Observe what is offered there with what you are offering and you will be able to comprehend your position in the market.

Use Reviews

Reviews help you in knowing the current demands of the consumers and their prospects of the service. Take reviews from your current tenants and the previous ones about their experience at your space. Ask for the opinions of other tenants of the area as well. While taking their feedback to ask them about the facilities, they want to have at their rental apartments and if necessary a home renovation is required. Note down their suggestion and demands for better planning in the future.

Take detailed feedback from the people leaving the space to exactly know the shortcomings at your end and also investigate about the facilities that attract them at their new rental space. This way you will able to know the current demands of the people looking for rental space and the improvements and modifications that are required at your end.


Neighborhood Friends Invitation

Friends and family living in the same neighborhood is the dream of many people adding value to the property. People living far away from their families often have to travel miles to meet them.  If you are planning to buy multiple apartments, try to buy them in the same building or in nearby buildings. Offer a discount voucher to the tenants who refer a new one.

Also, introduce shifting allowance to the people from family and friends of the current tenant. This way your tenants will be more interested in convincing their friends and relatives to move near them.

People are living in the neighborhood matters a lot as they impact the overall environment of the place. Tenants living in a close neighborhood with families around are less likely to move away from the place,and you will be able to have multiple long-term tenants.

Screening Tenants

Screening the tenants before handing over your property is very necessary. You should carry out a detailed investigation of the tenants interested in your space before signing a lease agreement.

Look into the financial resources of the probable tenants to ensure they will be able to pay rent in the long run. Check out their conduct history from the owners and neighbors of the old space to avoid any issues in the future. Follow their moving out history to know either they are reliable tenants or the ones who tend to move away frequently.

These efforts may seem unnecessary,but they will save you from signing a lease from bad tenants and protect you from future inconvenience.


Personalize Your Dealings

Keep a reference file of your tenants and record the personal details that they share with you casually. Refer to it before visiting or calling your tenants and ask them about their personal affairs. For instance, ask them about their health issues if any, or discuss the progress of their business.

Your interest in their lives will move them closer to you,and they won’t want to leave such caring people unless it is necessary.


Walk-in wardrobe design: Where Fashion Finds Its Home

A well-organized walk-in wardrobe design is important for maintaining an efficient and visually appealing storage space, especially in Indian homes. In India, where space is limited, a walk-in wardrobe allows for optimal space utilization and customization that allows for the proper arrangement of clothing and accessories, ensuring that every item has its designated place. A […]

Read More

20 Types of Door Handles for a Stylish Home Upgrade

Types of door handles play a pivotal role in both functionality and aesthetics, offering diverse options to complement various architectural styles and personal preferences. Understanding the plethora of choices can help in selecting the perfect door handle for any space. From traditional lever handles to modern electronic ones, the market boasts an array of designs […]

Read More

50 Exceptional Baluster Design Ideas Suitable For Indian Homes

Baluster design plays a crucial role in architectural aesthetics, particularly in structures like staircases, balconies, and railings. These vertical supports not only provide structural integrity but also contribute significantly to the overall visual appeal of a building or space. Baluster design also vary widely, ranging from simple and utilitarian to intricate and ornate, reflecting different […]

Read More

How School Building Design is Changing in the 21st Century

The 21st century has ushered in significant transformations in the design of school buildings, reflecting shifts in educational philosophies, technological advancements, and societal values towards sustainability and inclusivity. This evolution in design is not merely aesthetic but represents a profound rethinking of the role physical environments play in education. Gone are the days of stuffy […]

Read More

Kitchen Design Mistakes to Avoid for a Functional and Stylish Space

In kitchen design, functionality and practicality are everything. Design and aesthetics are secondary, but this doesn’t mean that you can’t have a kitchen that’s both functional and aesthetically pleasing.  Calling a kitchen remodel company is ideal before starting your kitchen renovation project, as they can provide valuable insight on how to successfully redesign your kitchen. […]

Read More

10 Captivating Wall Texture and Colour Combinations for Indian Homes

Texture and Colour are powerful tools for creating a unique and functional space. They not only enhance the aesthetic appeal but also create an ambience that resonates with style and purpose. These textures and colours can be sleek and modern or rustic and inviting, allowing you to infuse your personality into the walls. They serve […]

Read More

Elevate Your Car Parking Design For Homes

The evolution of car parking design for homes in residential architecture influences plenty of factors such as urbanization, technological advancements, environmental concerns, and changing lifestyle preferences. Early architecture did not consider car parking design for homes, but the rise of automobiles in the early 20th century led to the incorporation of garages or carports. Post-World […]

Read More

Wardrobe Interior Ideas: 13 Guidelines To Select For Your Bedroom

Wardrobe interior ideas are where functionality meets style and organization, intertwined with creativity. It is about a treasure trove of wardrobe interior ideas that transcend mere storage solutions. Your wardrobe isn’t just a repository for clothing; it’s a curated space where daily rituals unfold and personal style finds its expression. From clever storage hacks and […]

Read More

15 Types of Wardrobe That Adds Extra Space In The House

A wardrobe is not just a piece of furniture constructed in the house. There are types of wardrobe one builds in the house according to their needs and requirements. Choosing the right type of wardrobe can be a critical task at times. While designing the house, one always thinks about the kind of storage space […]

Read More

Furniture for Small Spaces: 15 Ways to Decorate Compact Homes

Compact homes and furniture for small spaces have become today’s trends in designing a home. However, affordability is not the only reason for choosing a compact house with furniture for small spaces. They are also easy to maintain and reflect simplicity in daily life. For furniture for small spaces, their ideas and designs are more […]

Read More
  • Raghuvirsinh House | Aayam Architects

    Minimal Office Design That Allows The simplicity And Diversity To Co-exist