Resident Retention

How on top of the market are you as a landlord?  If you are aware of current conditions you know that the key phrase in spring 2009 is “resident retention.”  The act of preventing your good paying tenants from leaving is the way to prevent increased vacancy and turnover cost.

Why is resident retention so important?  Now more than ever other homes are competing with yours.  The economy in Oregon continues to deteriorate to the tune of top unemployment in the nation per the Oregon unemployment department (adjusted March numbers).  While Oregon was slow to lose ground in the rental market, with the increased and sustained “shadow market,” the playing field is tipped against each and every rental owner.

What does this mean for you the landlord with occupied units?  Activate a plan of action to keep those residents happy!  Start by getting to know your residents better.  Take time to check in with them and see if they have any problems with condition or convenience.  Is there a way that they can pay their rent payments online?  Would this make their life easier?  Are the windows too drafty?  Would an improvement to the property improve their comfort and your resale value?  Take time to explore these questions at your homes and you will have greater worth and the resident will be happy.

Is your resident feeling the pain of the recession?  Perhaps by discussing options with them you can prevent an eventual vacancy.  What if the resident doesn’t consider getting a roommate?  Are there community resources that you are aware of that could help them?  Providing resources such as 211.com can mean the difference between occupancy and vacancy.  Being proactive is the key.

What about conditions of tenancy beyond rent payment?  Would allowing a pet make the resident happier?  What if you have two years of good resident history – can you make an exception if the pet increases the resident’s comfort at home?  Making pet visits are always a possibility to ensure that the pet is well behaved.  Also maintaining a rule such as 2 years and older on pets can eliminate many problems.

Check back for more useful tips in today’s rental market and plan to attend Landlord Study Hall on May 13^th where Amy Barnhouse will speak about notices, terminations, and evictions.  For more information call 503-997-9035.