You have to always account for vacancies, but you must also try to keep vacancies low. Content tenants are more likely to renew the lease agreement. You should check in with tenants on a regular basis so that every existing tenant can reach out. Here are a few recommendations to improve your tenant renewals.
Use Technology
Let your tenants pay their rent online, communicate via digital means like text or email. Smart devices like thermostats or keyless entry are low-cost but high-value because they significantly increase the ease of life for your tenants. Smart devices such as a thermostat or key-less entry can also be used to keep tenants happy with simple forms of convenience. You want tenants to feel like you are a landlord keeping up with current trends and technology. Renters will not feel the need to move if the owner of the property they currently live in has made an effort to keep the unit modern.
Resident Recommendations
If you have a good tenant, they may know someone else they think will be a good neighbor. Letting your tenants that already maintain a good relationship with someone as a roommate or occupying properties nearby will further motivate your tenants to stay and reduce the possibility of disagreements between neighbors. Your reward for resident referrals can be a month’s rent or a gift card, for example. Once your plan is in order, be sure to promote your plan with your current residents at a minimum of 60 days before the end of their lease.
Make Concessions When It’s Worth It
Make sure that when surveying a residential unit, it is clear that as an owner, you are taking suggestions rather than making unfulfilled promises. If a tenant says their appliances are out of date or their counters need to be replaced, they may be making a significant investment in their unit. Agreeing to keep those promises can be part of negotiating your lease. But it is worth it if the result is to maintain a great tenant.
Analyze the Competition
Learn about the rental and lease terms in your area. If the deposit is usually one month, do not require two unless the tenant falls in a category based on your rental criteria that require an increased deposit. Also, visit your competitor’s properties. If you see granite countertops everywhere, you will have to get one or something similar. Otherwise, your property will not look so attractive.
Follow Resident Feedback
When contacting tenants, ask if they would like to introduce any improvements. This is a fantastic way to emphasize your commitment to tenants and to resolve any issues they may not have mentioned. Continuous water drops dripping onto the floor can lead to mold and significant damage. Be available to catch it quickly before it becomes a significant issue and give your tenants one more reason to accept a lease extension offer.
Consider a Property Management Company
The skills that a property manager needs to have are numerous and varied. New and old tasks alike need to be attended to with equal enthusiasm. From maintenance issues to emergency situations, your property manager is your best line of defense. They will know how to handle these things, but they will know what needs doing and why it is required. A good property manager will win the trust of your tenants and keep them happy.
Conclusion
One of the keys to getting your tenant to renew the lease is to let the competition inspire you. You want to ensure that your unit is rented out to obtain a stable cash flow. If you see your competitors make specific upgrades, please consider upgrading as well. Smart devices such as a thermostat or key-less entry can also be used to keep tenants happy with simple forms of convenience. Make sure that when surveying a residential unit, it is clear that as an owner, you are taking suggestions rather than making unfulfilled promises. Suppose a tenant says their appliances are out of date or their counters need to be replaced. In that case, they may be making a significant investment in their unit. A good property manager will win the tenants’ trust and keep them happy.
If you would like to grow your portfolio and purchase more properties, talk to one of our management experts to learn how Propertycare can help you maximize your efforts. CALL NOW! (713) 489-7653