How to Improve Tenant Retention in Denver

Anyone can become a landlord. But not everyone knows how to find and keep quality tenants. To help increase your overall ROI, we have put together some ideas to help improve tenant retention!

In the simplest terms, the more turnovers you have, the more days your property will be vacant. The more days your property sits vacant, the less money you make. Using the tactics outlined below, you will be able to find high-quality tenants, who will rent from you for years to come!

What Do They Want to See Improved?

Find out what they want to have repaired or upgraded. What feature could you add to make them say “Wow! I love where I live!” You could start small, with some new landscaping out front or even be so bold as to add a hot tub in the backyard. Make them feel like they are living in a home with competitive upgrades and unique features they aren’t going to find anywhere else.

Conjure the Golden Rule

If the roles were reversed, how would you want to be treated? In all dealings, you should always remain polite and respectful. While you might technically own the property, it is also the place someone else calls home. If you need to visit the property, call in advance. If you need to schedule maintenance, make sure it is conducive to their schedule as well as yours.

Life Happens

If you have a wonderful tenant, who is never a day late on rent, treats the property as their own and who is all around the ideal person to have in your home, make sure you treat them as such. We have all been faced with adverse experiences. Layoffs, natural disaster, and unexpected life events can put a strain on finances. If rent is a few days late, consider waiving the late fee. Even offer a grace period until they have taken care of what they need to. However, don’t fall victim to the tenants who want to walk all over you. If there is a new excuse or dramatic event each month, be sure to stand your ground. Impose late fees and evict if necessary!

Get Personal

You will want to give your tenant the feeling as if they are in a permanent home, a place they can comfortably live forever! To make them feel this way, you will need to allow customization. Within reason of course. Let tenants paint, add shelving and choose fixtures as applicable. If the house needs a new fridge, allow them to choose between the white or stainless models. (As long as they are comparatively priced of course.)

Don’t Drag Your Feet Making Repairs

What may not seem like a big deal to you, can be seen like a huge deal to residents who are actually living in the home. A leaky faucet may not take priority on your to-do list. But to the person trying to sleep, while hearing “drip, drip, drip” from the bathroom, the repair can seem like life or death. Or in this case, sleep or no sleep. No matter what the repair is, aim to fix it as soon as humanly possible. Your tenant wants to know their needs are important. Don’t let problems go attended longer than you have to.

Ultimately, finding and retaining good tenants is the key to success when making money off of your rental property. By avoiding turnovers, you are eliminating expenses to list, show, repair and clean the home that come along each time a new tenant moves out. Keep that money in your pocket!

Are you looking for quality tenants in the Denver area? Or maybe a rental property to generate additional income? Send us a message using this form, or give our office a call today! (720) 932-4402

Ken Blevins

Ken Blevins, CEO of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 24 years of experience in collections, foreclosure/bankruptcy, loss mitigation and real estate disposition (REO). Blevins was an original co-founder of Metrowest in 2003, a Real Estate Brokerage and Services Company focused on the resale, recovery and liquidation of distressed real estate in Denver, Colorado and surrounding metros. Blevins assumed the role of CEO in January 2014 and provides strategic direction and has management accountability for the day-to-day operations. Under his direction, Blevins drives all default management operations to maximize asset value recovery and reduce loss severity through a strategy focused on customer service and state of the art technology. Blevins has 18 years of direct operational experience in all facets of REO Asset Management having managed large national REO Disposition contracts for Fannie Mae, Freddie Mac, Wells Fargo, JP Morgan Chase, CitiFinancial, GMAC Mortgage and other various financial institutions. Blevins specialties include REO asset management, real estate investment, bulk REO acquisitions and distressed asset recovery and liquidation, and he has directed the resolution and liquidation of over ten billion in institutionally-owned residential real estate.

Looking For Local Rent To Own Homes?

Join our FREE local rent to own homes list below.

Do I Qualify?

Fill Out This Simple Form To Be Pre-Qualified For The Rent To Own Program.
    What is the total combined income of everyone in the household over the age of 18?
    We help those with low or no credit get into great homes. But knowing where your credit currently stands helps us have a better idea of your specific situation.
  • Please enter a number from 1 to 6.
  • Please enter a number from 1 to 5.
  • Contact Information

  • The better we know you the better we can help you find the perfect home you're looking for. Thanks!
  • This field is for validation purposes and should be left unchanged.
Apply Now!