You already know that first impressions matter, but did you know that they matter enough to influence lease renewal? While surprising to some, studies suggest that most residents have already made up their minds about renewal within the first few weeks of moving into a property. So, what does that mean for property managers and landlords looking to keep vacancy rates low? Simple. Do everything you can early (and often) to create a positive first impression that will set the tone for the entire tenancy.
Putting Your Best Foot Forward
From the initial property viewing to the move-in process, every interaction between an owner or property manager and their resident can significantly impact their decision to renew their lease – and remember, retaining residents is far better for your bottom line than having to turn over units year after year.
Moreover, when residents feel cared for and treated fairly, they are more likely to act in kind. In many ways, they are your guests, albeit paying guests, and you should treat them like that.
How to Make a Good First Impression
There are a few important things you can do to increase the likelihood of retaining your tenant. The first is to set your market rent correctly.
Second, you also need to make sure the property is ready for them to move in. This sounds obvious, but many landlords find ways to skimp here and there, and this does not go unnoticed.
Your task is to have the property in pristine shape so that when the resident moves in, they have a great first couple of weeks instead of finding a bunch of dust and debris or encountering issues like broken appliances, beeping smoke detectors or burned-out light bulbs.
A resident picks up on these issues, especially if there are multiple, and they can really inform their outlook on a property. You can create a great first impression – and increase the likelihood of the resident renewing – by taking basic steps to make sure the property is in great shape like applying fresh paint and installing new carpet. Additionally, you can improve the resident experience by replacing old or outdated appliances, improving the landscaping, and hiring a professional to deep clean the property.
What’s more, moving into a well-cared-for rental unit helps establish your expectations for how you want the tenant to treat the property. When you introduce a clean and maintained space, you’re showing the resident the standard of care you expect them to also uphold.
As you prepare your property for a new tenant, consider the ways you can make an even better first impression. To learn more about owning and managing property in Central Ohio, contact us with us at RL Property Management. Our team has decades of experience managing hundreds of properties in the greater Columbus area and is ready to help you be successful with your investment.
