Contemporary Information Corp is a Duluth, Georgia based provider of criminal records and tenant screening services that has operated since 1986. Serving clients in rental housing, insurance underwriting, and related industries, Contemporary Information Corp delivers housing court records, criminal database records, and credit reports through reseller channels, direct-to-end user services, and a direct-to-consumer platform known as CIC ApplyConnect. The company uses a Data-as-a-Service model via API and emphasizes regulatory compliance, including adherence to the Fair Credit Reporting Act. Its proprietary Regulatory Matrix Compliance Filter supports quality control across screening processes. With longstanding affiliations in industry organizations and decades of experience in tenant screening, the company operates in a sector where strong screening practices often intersect with long term tenant retention strategies for multi-family property owners.
Tenant Retention Tips for Multi-Family Property Owners
A great tenant takes good care of the property, consistently pays rent on time, is mindful of other tenants, and follows tenant rules. Such a tenant is hard to come by. The first step to keeping great tenants is to sign exceptional tenants. That demands thorough tenant screening processes.
High tenant retention reduces the cost of filling vacant units, which helps increase your property’s operating income. It’s also a good sign of a great value proposition and excellent property management, which can help attract quality renters. If tenants keep vacating a property, it may influence others to vacate, too.
One of the leading drivers of high turnover is neglect. Whether it’s simple repairs or a major appliance overhaul, a prompt and decisive response goes a long way in keeping a great tenant happy. It communicates that you prioritize their safety and comfort.
Notify tenants of impending issues and tell them what you’re doing to mitigate them. Similarly, invite tenant feedback and implement it if it’s feasible. It helps shift the proprietor-tenant relations from purely transactional to one based on mutual understanding and compromise. It also demonstrates goodwill, which you could use if ever you find yourself in the wrong.
Another way to cultivate goodwill with your tenants is to compromise. Decide what a reliable, easy tenant means for your bottom line versus their following every one of your rules. Find small but meaningful points of concession, like letting a tenant repaint their living spaces in their favorite color, or letting them get a dog that’s eight pounds over the maximum allowable size, won’t inconvenience anyone, let them. If a potential tenant comes highly recommended, but they can’t pay the deposit in full, consider adjusting your deposit requirement to accommodate them.
Even as you make concessions, do not inconvenience other renters while you’re at it. For example, letting a tenant have an extra car will only cause problems if it means inconveniencing another tenant. If you allow pets, ensure pet owners don’t make life on your property difficult for pet-free tenants.
For renters, lease renewals are much more than a formality; they are pivotal decision points. So be thoughtful and respectful in how you handle lease renewals. Don’t come off as entitled by waiting until the lease has expired to send it. Instead, send tenants a renewal notice in advance, highlighting changes in terms and explaining clearly any new terms or requirements. Also, personalize renewals by highlighting what each tenant has done right.
You can’t, however, ask for more without offering something. If you’re going to increase the rent, even though you’re simply catching up with the prevailing market rate, give your tenant something in return. Upgrade an appliance or add amenities or features. While such upgrades may cost money upfront, they are worth it if they help keep tenants around and happy.
Tenant retention is a balancing act. You want to keep tenants satisfied without hurting your bottom line. The key to making any retention strategy you pursue worthwhile is to focus on attracting excellent tenants. Also, experiment with different acquisition and retention incentives.
About Contemporary Information Corp
Contemporary Information Corp is a public records and tenant screening provider headquartered in Duluth, Georgia. Founded in 1986, the company supplies housing court records, criminal database records, and credit reports to resellers, rental housing operators, and consumers. CIC emphasizes compliance with the Fair Credit Reporting Act and applies a proprietary Regulatory Matrix Compliance Filter to support quality standards. The company is affiliated with national and regional industry organizations and supports community initiatives in its local area.