Lifestyle

10 Steps to Improve Your Property’s Tenant Retention

Published

5 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

Derik Fay: The Quiet Power Broker Who Scales Empires and Empowers Generations

Published

2 hours ago

September 14, 2025

Michelle Langton

At 46 years old and standing at an impressive 6’1″, Derik Fay is more than an entrepreneur—he is the architect behind a network of thriving businesses and a digital mentor for thousands. His journey from a single neighborhood gym in Florida to holding stakes in over 40 companies spans decades of strategic vision, discipline, and authenticity.

From Modest Beginnings to a Marketplace Maven

Born on November 19, 1978, in Westerly, Rhode Island, Fay’s early environment offered little in the way of nepotism or crutches—but plenty of lessons. He dropped out of college after just one semester and embraced the grind. At just 22, with lean resources and fierce determination, he launched his first gym. That venture would eventually grow into Florida’s most successful independently owned fitness chain before being acquired by a publicly traded company.

This early win became the foundation for 3F Management, the private equity firm Fay launched post-exit. Today, 3F powers brands across sectors—from fintech and residential infrastructure to combat sports, entertainment, and beauty—each elevated through Fay’s hands-on approach to ownership and operational excellence.

Visibility as Strategic Leverage

Fay’s ascent into public consciousness was not staged. He built his online presence—now over 1.4 million followers strong—through honest, unfiltered takes on business, failure, leadership, and growth. His content resonates because it isn’t rehearsed; it’s earned. Followers tune in not for spectacle but for insight, often quoting “He doesn’t just invest—he builds your belief,” reflecting Fay’s authentic support.

Building Brands, Restoring Hope

Among his notable ventures is Bare Knuckle Fighting Championship (BKFC)—a testament to his willingness to enter unorthodox sectors with strategic clarity. In other less obvious arenas, Fay reinvigorated a faltering beauty company by pairing it with Hollywood cachet and narrative-driven marketing. In another case, an AI startup saw its valuation ascend tenfold in under a year after Fay contributed not only capital but also storytelling structure and vision.

Estimated Net Worth & Long-Term Vision

Although Fay maintains a discrete public profile, credible industry estimates place his net worth somewhere between $100 million and $250 million. This valuation comes from his diverse equity stakes, successful exits, real estate investments, and his firm’s consistent growth and reinvestment cycle.

Personal Life Anchored in Legacy

Off-screen, Fay is a devoted partner to Shandra Phillips (since 2021) and a hands-on father to two daughters: Sophia Elena Fay and Isabella Roslyn Fay. He’s more than a mogul—he’s a mentor. An embodiment of “If I can do it, anyone can,” his presence in DMs or quick coaching call is not rare, but intentional.

Rerouting the Model of Modern Wealth

Unlike today’s entrepreneurs who prioritize visibility and virality, Fay applies visibility as a lever—not an objective. He quietly scales, confident that his systems and culture will outlive the trends. He mentors, not performatively, but tangibly. For him, success isn’t a moment—it’s a long-term ecosystem amplified through structure, not spotlight.