As rental vacancy rates across the country increase, you could struggle to retain renters. Learning how to keep great tenants can increase your occupancy rate. Otherwise, long-term vacancies can become costly and stressful.
Use these tips to ensure effective leasing management. With these strategies, you can keep tenants you already know and trust. Generate more passive income today!
Remain Responsive
Start nurturing new tenants the moment they move in. Nurturing tenants will lead to strong tenant-landlord relations. If you fail to communicate with renters, they may decide to leave.
Instead, show them you're a helpful, responsive landlord. Use an online tenant portal to streamline communications. Respond in a professional, polite, and friendly manner.
Delaying to respond could frustrate renters. Show them you care about their living experiences.
When a tenant's lease is about to end, send them a 90-day notice. Notifying them early will encourage them to consider their options. Encourage them to consider renewing their lease.
Instead of limiting renters, remain flexible. For example, you can offer a monthly, one-year, or two-year lease term.
Stay willing to negotiate. About 25% of renters negotiate lower rental rates when it's time to renew their leases. If you rush to increase the rent, they may explore other options.
Offer Investment Property Upgrades
Encourage tenants to renew their leases by asking about their needs. They can help you determine what your investment property is lacking. Offering a property upgrade will enhance the property, giving you a competitive advantage.
At the same time, tenants will recognize that you care about their needs and living experiences. Choose upgrades that will increase the property value and make the property more attractive, like:
- A fresh coat of paint (interior and exterior)
- New kitchen appliances
- Hardwood floors
- Communal spaces
- An on-site gym
- Smarthome technology
- Security improvements
If tenants decide not to stay, these benefits will still work to your advantage. You could have an easier time attracting new tenants. Meanwhile, you can charge a higher rental income after improving the property.
Prioritize Maintenance
Your renters may decide to take legal action if you're failing to respond to their maintenance requests. Instead, schedule routine inspections. Make sure the property is in the best possible shape.
Keeping up with maintenance will show tenants that you care about their needs. It can also keep your beautiful investment property from crumbling.
If you struggle to keep up with these requests, hire a property management company. They'll hire reliable vendors at competitive rates.
Hire a Property Management Company
The easiest way to increase lease renewals is to hire a full-service property management company. They can use proven strategies to ensure your success. Meanwhile, you can generate passive income without the stress of long-term vacancies.
Ensure Effective Leasing Management
Don't let the perfect renters slip through your fingers. Instead, use these leasing management tips. Remember, you can always outsource by hiring a property manager!
Our team at Advantage Property Management Services can help you generate more renewals. Rely on our 40 years of combined industry experience. Our average tenancy is 46 months (nearly double the national average!).
Grow your wealth without the work. Contact us today for help with your leasing management strategy.
