Imagine strangers coming into your rental, coloring the walls, scuffing your hardwood floors, and refusing to pay rent on time. If you fail to retain amazing tenants, this could become your reality. Losing tenants can lead to high vacancy rates or unruly new renters.
Before that happens, start using these simple leasing management tips. With these strategies, you can encourage more lease renewals.
Start retaining tenants long-term today!
Improve Tenant Communication
Talk to your tenants to learn more about their needs and concerns.
Give tenants multiple ways to contact you, whether by phone, email, or text message. You can also use an online tenant portal to streamline communications.
As a property owner, it's normal to get busy juggling multiple responsibilities. If you're struggling to respond to tenants quickly, hire a property manager. An experienced property management company can respond to tenants promptly and professionally.
If tenants have to wait to hear back from you, they could get frustrated. When it's time to consider their lease renewal, they could decide to leave.
Being helpful and responsive will show tenants that you care about their needs.
Rental Property Repairs
Tenants could get annoyed if it takes you weeks to respond to their maintenance requests. Complete rental property maintenance as quickly as possible. Again, this is an opportunity to show tenants that you care!
As a landlord, you should meet an implied warranty of habitability. Otherwise, your tenants may decide to take legal action.
Making rental property repairs quickly can extend the property's lifespan. It can also help you avoid expensive renovation projects. Your property management company can handle this task for you.
Try to go above and beyond by exceeding your tenants' expectations. For example, you can offer grounds maintenance and pest treatments.
Offer Tenant Incentives
When it's time for tenants to consider a lease renewal, consider offering tenant incentives. Property upgrades or small cash bonuses can encourage renters to stay.
Upgrades can include paint or window treatments, new kitchen appliances, or new floors.
Don't forget to talk to your tenants. Ask what upgrades they want. Meet their needs by designing their dream rental property.
Negotiate Their Lease Renewal
Don't rush to boost your tenant's rent. If the rent price rises too high, you could scare them away. They might start looking at other rental properties.
One in four renters are successfully negotiating lower prices. However, only 28% of renters negotiated the price on their most recent lease renewal.
Give renters a two- or three-month advance when it's time to discuss renewing their lease. Remain flexible when negotiating prices. Remaining willing to negotiate could encourage them to stay.
Improve Your Leasing Management Today
A strong leasing management strategy can help you retain tenants. Increasing your retention rate will help you generate income long-term.
Communicating with your tenants can make all the difference!
Remember, working with a property manager can simplify the process. PMI Realty Management NW is a full-service real estate management company. We're dedicated to increasing the value of your property.
Contact us today to start retaining great tenants with our proven strategies!
