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The 7 Best Ways to Boost Tenant Retention and Increase ROI for a Dallas Rental Property

Real estate investors know that empty rental properties hurt their returns. While no tenant stays forever, a high turnover rate means property owners must constantly find new residents. Frequent vacancies become an expensive problem when dealing with marketing costs and days, weeks, or months without rental income. 

Improving tenant retention is one of the best ways to cut costs and improve the return on investment! If you're struggling to keep good residents for more than one lease term, check out these seven expert Dallas, TX property management tips to boost retention. 

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1. Have a Thorough Tenant Screening Process

Keeping more residents for multiple lease terms starts by finding and placing the best quality tenants. After one or two experiences with a bad renter, you won't want them to renew the lease anyway! 

Dallas rental property management experts know that boosting resident retention starts with a thorough screening process. This allows rental property owners to learn more about prospective tenants by researching their credit score, current employment and monthly income, references, criminal history, and previous evictions. When processing rental applications, follow Fair Housing laws and avoid discriminatory practices. Work with a property manager if you're not sure what the laws are or how to comply.

2. Get to know Your Tenants ...

When renters feel like they're more valuable than just a rent check, they're more likely to feel at home in your rental properties. Landlords should make efforts to get to know their residents, but it's also essential to keep landlord-tenant relationships professional. 

Property management companies recommend being friendly, interested in how your renters are doing, and checking in from time to time to build positive, long-term relationships with residents. However, avoid becoming "friends" with tenants. Residents who feel like they have a friendship with you can take advantage of the rules. Residents who don't get the benefit of your friendship can also feel like they aren't being treated fairly. 

3. ... and Respect Their Privacy 

While getting to know your residents, be careful to respect their privacy. Even though you own the real estate investment in which they live, you must follow the laws regarding when and how you can enter an occupied rental. 

Stopping by unannounced to conduct property inspection violates tenant privacy laws. Unless you've become aware of an emergency at your rental, ringing the doorbell during dinner time without notice can also be an after-hours privacy violation. Property management experts know the importance of building professional, friendly relationships with residents. Maintaining good communication and being an excellent landlord can encourage them to renew when they see that you're a compassionate, fair, and professional rental owner that they can trust!

4. Understand the Local Market

Dallas-Fort-Worth property managers can help you learn more about the local rental market and what renters look for in a rental property. Whether you need to adjust the rental rate to attract and keep good residents or add a few features to the residential property could encourage more tenants to stay longer, a property manager knows!

Setting the ideal rental rate and delivering what Dallas renters want at competitive prices helps improve the potential that more tenants will renew!

5. Make Rental Property Improvements

Working on tenant satisfaction is one of the best ways for property owners in Dallas to retain more tenants and boost ROI. As you conduct routine property inspections, talk with residents about what they like about the property and what you could do to improve the unit. 

The best property management Dallas offers can help you stay up-to-date on thoughtful updates that won't break your maintenance budget and add value to the home. Sometimes small things like USB wall outlets, home automation features, and other cost-effective features are just the perks that encourage a renter to sign a new lease. 

5. Make It Easy to Pay the Rent

You might have the best rental house in the Dallas area, but if it's hard for residents to pay the rent, they'll find another place to live! A property management expert knows that today's renters prefer online banking, car payments, and rent collection. Offering an online tenant portal that allows residents to keep up with on-time rental payments easily is an excellent way to boost resident satisfaction. 

A property manager can help you set up a tenant portal that allows them to set up automatic rent payments and submit maintenance requests. Convenience goes a long way to boosting retention! 

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7. Send Early Lease Renewal Notices

Starting the renewal process early helps residents know that you value having them in your rental! When you find good renters, encourage them to stay by starting the conversation about renewing several months before their current term ends. 

Boost Renter Retention (and ROIs) With Dallas Property Management!

Renters appreciate professional Dallas property management services! With property managers, your tenants know they have someone available to respond to requests and keep the home in excellent condition. If you're looking for a partner to help you renew more residents, RentHub is here to help! Let's talk about how our property management services can help you renew more renters.

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