Lifestyle

10 Steps to Improve Your Property’s Tenant Retention

Published

4 years ago

December 13, 2020

After choosing the right property, tenant retention is arguably the most important factor for a rental property’s success. Higher tenant retention means you’ll see more consistent revenue, you’ll spend less time looking for new tenants, and you’ll suffer far fewer losses from vacancies and turnover.

However, improving tenant retention isn’t always straightforward. If you want to maximize retention, you’ll need to think critically about your approach.

How to Improve Tenant Retention

These are some of your most valuable strategies in improving tenant retention:

Find the right tenants. One of your best strategies will be finding the right tenants for your property in the first place. Tenants often leave because they’re a bad fit, in one way or another. They may only be looking for a short-term space to live, or they may not have a stable job they can rely on to pay for rent. Invest in a thorough, proactive tenant screening practice so you can secure the best candidates for your rental properties. It takes a bit more time to get someone in, but it will be worth it in the long run.
Build tenant relationships. Next, go out of your way to build relationships with your tenants. You don’t have to be close friends with every person you bring into your property—in fact, friendships can get in the way of the tenant-landlord relationship. However, you should be on amicable terms. Get to know your tenants, including their goals and long-term prospects, and make sure they’re comfortable reaching out to talk to you. If tenants like their landlord, they’ll be far less likely to leave.
Keep rent reasonable. Depending on where you live, it’s probably legal to incrementally increase rent prices every year. But this isn’t always the best move, even if it increases your cash flow. It’s important to keep your rent prices in line with other properties in the area; otherwise, your tenants will simply leave. Increase prices gradually and periodically.
Be flexible (when possible). Try to give your tenants extra flexibility whenever you can. For example, if a tenant is late on rent payment because they’re having an issue with their employer, consider giving them another couple of weeks to come up with the money—with no penalty. Be forgiving if they make a mistake, or accidentally damage the property. This leniency can go a long way in securing their loyalty.
Take care of requests immediately. Similarly, it’s important to take care of reasonable tenant requests right away. If a tenant complains about a leaking roof or a malfunctioning appliance, send a technician or visit the property right away. Fast fixes lead to happy tenants—and happy tenants tend to stick around.
Be responsive. There will be times when you can’t fix an issue right away. This is okay, but you still have to be as responsive as possible. Let your tenants know that you’ve heard their requests, and that you intend to take action on them. If you can’t get to a fix right away, let them know why and tell them when they can expect a fix. This proactive communication is vital for tenant satisfaction.
Respect privacy. Try to respect your tenants’ privacy. Don’t show up unannounced, and don’t enter their apartment without permission or awareness (even if it’s legal to do so in your area). Give tenants the feeling that this is their space and make them feel comfortable.
Listen to feedback. Occasionally, you’ll get direct feedback from tenants. They may complain about the way you manage the property or give you compliments about the way you handled a specific issue. Listen to these pieces of feedback and learn from them. They could provide straightforward direction on how you can be a better property manager, or how you can make other tenants happy in the future.
Invest in periodic upgrades. Most landlords want to keep upgrading the property with new appliances, nicer fixtures, and other quality of life improvements. Try to make these upgrades while the tenant is occupied (if you can), so the tenant can benefit directly from them. It makes tenants feel like you genuinely care about their quality of life. It will incentivize them to stick around.
Reward loyalty. Finally, reward tenant loyalty however you can. That could mean giving tenants occasional discounts or sending them a Christmas card in the mail. Even small gestures can go a long way in boosting retention.

Perfecting Your Strategy

Maximizing tenant retention isn’t something you can handle overnight. If you want to see the best results, you’ll need to adjust your strategy gradually, over time. Listen carefully to feedback from your tenants and be flexible enough to keep adapting your long-term approach.

Lifestyle

Vipin Gupta Transforms Industries Through AI and Data Mastery

Published

9 hours ago

January 29, 2025

Michelle Langton

Photo courtesy of Vipin Gupta

Vipin Gupta, a veteran with 17 years in the IT industry, stands at the forefront of AI and data engineering. His knowledge spans healthcare, investment banking, and manufacturing, where he transforms raw data into actionable insights that drive operational efficiency and strategic decision-making.

Vipin Gupta’s method combines technical prowess with a deep understanding of industry-specific challenges, enabling him to craft solutions that address both immediate needs and future requirements.

Patients Win Big

Vipin Gupta focuses on value-based care programs and clinical data platforms in the healthcare sector. His work directly impacts patient outcomes and organizational performance through innovative data-driven solutions.

“Every data point in healthcare presents a chance to improve patient outcomes,” Gupta says. “AI and advanced analytics uncover insights that impact lives and shape treatment strategies.”

Industry peers recognize his effective methods and frequently seek advice on staying ahead in an evolving field. He emphasizes consistently tracking trends and expanding one’s knowledge base. Through data-driven solutions, his work directly impacts patient care and organizational performance.

Vipin Gupta designs systems that allow healthcare providers to make informed decisions quickly. This practical focus has led to tools that enhance diagnosis accuracy, improve treatment planning, and optimize resource allocation, enabling healthcare organizations to elevate their services.

Vipin Gupta has architected a unique and specific product name MyRateFinder in his current organization which helps patients, provider and health insurance companies to bring pricing transparency and deep insight into the pricing for procedures. This co-developed product MyRateFinder, is used by many providers and plan insurance companies to derive strategic insights from newly-public healthcare pricing data.

Becoming a Tech Thought Leader

Vipin Gupta’s journey to becoming a thought leader in tech involves continuous education and active industry engagement. “Read industry blogs, follow experts, explore whitepapers and new research,” he advises. “Recognize industry trends, network at events, attend conferences, and maintain an active social media presence.”

Vipin Gupta’s influence extends beyond his immediate team. He regularly contributes to industry publications, speaks at conferences, and participates in panel discussions, shaping the broader conversation around AI and data engineering across various sectors.

Vipin Gupta believes effective thought leadership stems from deep competence and the ability to communicate complex ideas. He encourages his team members to develop their areas of proficiency, fostering a culture of continuous improvement within his organization. This collaborative strategy for knowledge-sharing has helped create a dynamic and creative work environment.

Gupta’s thought leadership extends beyond his immediate team. He regularly contributes to industry publications, speaks at conferences, and participates in panel discussions. These activities showcase his facility and help shape the broader conversation around AI and data engineering in various sectors.

Gupta’s Blueprint for Business Success

Vipin Gupta’s mastery extends into cloud modernization and solution architecture, crucial components of today’s digital transformation landscape. His work enables companies across sectors to streamline operations and enhance their data capabilities.

“Platform modernization involves rethinking how we structure and make data valuable” Vipin Gupta notes. “As a solution architect, I bridge business needs with technological possibilities, creating efficient and adaptable systems.”

Vipin Gupta’s method for solution architecture is thorough, addressing both technical details and broader business considerations. He collaborates closely with stakeholders to provide solutions that align with long-term goals and deliver measurable value. This integrated perspective has led to the development of robust, scalable systems that adjust to growing business demands.

He has guided organizations in transitioning from legacy systems to flexible, cloud-based solutions. His knowledge has helped companies refine data management practices, strengthen security measures, and improve operational efficiency.

Gupta’s Push for Ethical Data-Driven Solutions

Vipin Gupta views AI, data engineering and analytics as tools that could address significant societal issues. He sees data-driven solutions as potential assets in tackling challenges like climate change and global health.

“We’re still discovering the capability of what AI, GenAI and AgentAI can offer,” Vipin Gupta says. “I’m particularly interested in how these technologies could contribute to more sustainable and fair practices across industries.”

Vipin Gupta’s work provides valuable insights for those embarking on careers in technology. His emphasis on ethical considerations in AI and data engineering underscores the importance of responsible technology use.

By applying his skills thoughtfully and aiming for positive, real-world outcomes, Gupta demonstrates how data mastery can drive meaningful change across industries.