Imagine your best tenants staying for another year. You wouldn't have to worry about vacancies, cleaning the empty unit, or wasting money on marketing. Instead, you'll have peace of mind knowing reliable tenants live in your investment property.
Encouraging lease renewals will allow you to experience these benefits and more. Already, one in four renters are negotiating lower rent prices as they renew their leases. Renters want to stay, but you need to consider their needs first.
Not sure how to boost renewals? Read on for the landlord advice you need for success!
Prioritize Lease Management
Prioritize lease management from the moment renters move in. Don't wait until the last minute to engage your tenants. Otherwise, they'll think you don't care about their needs (only their money).
When tenants move in, send them a welcome packet outlining the lease agreement. Let them know if you have any specific rules they need to follow.
Provide tenants with more than one way to reach you. You can use an online tenant portal to streamline communications.
When tenants send a message, respond right away. The longer they wait, the more frustrated they could become. Instead, aim to foster a strong landlord-tenant relationship.
When the tenant's lease is about to end, send them a 90-day notice outlining their options. A notice will give tenants the chance to consider if they want to stay. If they decide not to stay, you'll have time to market the property before it sits vacant.
Learn from your tenants. Gathering their feedback will ensure you make informed improvements. Otherwise, the changes you make may not align with their needs.
Some tenants may ask if they can pay rent online. Others could ask for property upgrades or a rental payment grace period. Offer what you can to improve their satisfaction rates.
Don't delay completing property maintenance. Tenants may decide to withhold rent or take legal action. These tenants aren't likely to renew their leases later.
Instead, use your tenant portal to streamline maintenance requests. Hire reliable contractors as soon as possible.
Consider scheduling inspections as part of your lease enforcement policy. If you need help, a rental property management company can handle these requests on your behalf.
Encourage renters to renew their leases by offering incentives. Use the feedback they provided to consider their needs. For example:
- New kitchen appliances
- Fresh paint
- A discount or month of rent free
- A gift card to a local store or restaurant
Offering incentives will show tenants you value them. They may feel more inclined to stay knowing you care.
Generate More Lease Renewals in Modesto
Increasing lease renewals will improve your occupancy rate and ROI. Use these landlord tips to encourage renters to stay. With these tips, you won't have to worry about costly vacancies!
You don't have to apply these tips alone. PMI Central Valley has helped landlords maximize their earning potential for over 20 years.
We use state-of-the-art technology to increase the value of your assets. Rely on our prompt and friendly service to maximize your ROI. Contact us today to request our lease management services.