How many of your amazing, reliable tenants renew their leases each year? If your renewal rate is low, you'll waste time and money finding new renters.
More renters are learning how to negotiate for lower rent prices when renewing their leases. Remaining flexible and using the right strategies can help you boost lease renewals. Your occupancy rate will rise, leading to more revenue.
Not sure how to encourage renters to stay? Read on for the landlord advice you need for property lease management!
Remain Responsive
Remain available and responsive the moment new renters move in. Streamline communication using an online portal. Otherwise, provide more than one way for renters to reach you.
Remaining available will show renters that you care about their needs. You can build strong tenant-landlord relationships and boost satisfaction rates. Keeping your renters happy could encourage them to renew their rental leases later.
If you own multiple properties, outsource. A property management company can engage with renters on your behalf.
Send renters a 90-day notice when it's time to renew their tenant leases. Giving them a heads-up will provide you with time to apply these lease management strategies.
Prioritize Maintenance
Allow tenants to send maintenance requests using a tenant portal. Try to schedule repairs as soon as possible. The longer tenants wait, the more frustrated they'll become.
Some tenants may decide to take legal action. When it's time to renew their lease, they may decide to leave.
If you're struggling to keep up with maintenance requests, hire a full-service property management company. Confirm that they offer maintenance and inspections. Over 70% of property managers handle inspections, tenant leases, and advertising.
Regular inspections will help you spot potential issues before the property deteriorates. You can make minor repairs instead of scheduling expensive renovations.
Offer Upgrades and Incentives
Encourage more renewals by offering tenants property upgrades. Ask what's missing from the rental property. They may ask for smart technology, upgraded appliances, or window treatments.
Listening to your tenants will show them you care about their needs. Try offering incentives like a month off rent or a small cash bonus.
Remain Flexible About Rental Leases
Talk to your tenants about their rental leases. They may try to negotiate the rent price or duration. Some tenants may want to sign a two-year lease while others will prefer a monthly option.
Remain flexible. Even retaining tenants for a few more months will give you time to find future renters.
Hire a Property Management Company
If you're struggling to apply these lease management tips, hire a property management company. Their range of services will save you time and money.
They can find and screen applicants to help you avoid vacancies. Their proven strategies can help you renew more tenant leases.
Encourage More Lease Renewals in Provo
Don't let your best tenants leave! Instead, use these tips to encourage more lease renewals. These strategies can help your occupancy rate (and with it, your ROI) rise!
Remember, you don't have to apply these lease management strategies alone. PMI Made Simple has 20 years of experience helping landlords navigate competitive markets.
We use award-winning strategies and state-of-the-art technology to help clients maximize their earning potential. Contact us today for help with your tenant leases.
