Are you a landlord wondering how you can encourage tenants to renew their leases? Read this article for tips from a leading property management company.
A good relationship with your renters goes a long way in retaining tenants, which can help the success of your rental business. To get started, you need to attract quality tenants. Having long-term residents helps you maximize the returns from your real estate investment since they provide a consistent rental income over the years.
Landing high-quality renters seems easy, but it’s not. When you have quality tenants, you need to value them. A good tenant will take care of your rental unit and pay rent regularly.
If you want to retain renters for the long term, you need to make sure they’re happy staying in your rental space. Looking for new renters periodically can be expensive so it’s best to avoid tenant turnovers.
Here are six tips that can help you retain long-term renters:
Without a meticulous tenant screening procedure in place, you’re bound to experience tenant turnover and potentially even evictions. Tenant screening protects landlords from renters who skip rent payments or cause excessive property damage.
Review every candidate’s rental history, financial capability and past eviction records. Check their credit score and income and verify the tenant’s employment.
If a renter shows a good history of paying rent regularly and on time, they’re probably trustworthy as a tenant for your property. A record of no eviction is another great sign. If a tenant has employment stability, they’re not likely to move around a lot. Tenant screening will help you find a quality tenant that’s likely to stick around long-term.
We suggest checking in with your renters to see how you might improve. Ask if they’re satisfied with their current rental conditions and what improvements they might want. No matter how great your rental home and services, there’s always room for improvement.
Collecting tenant reviews through simple surveys or by meeting with renters in person will help you find out how likely they are to renew their leases and what you might be able to do to encourage them to stay.
Apart from your current tenants, you can also ask for feedback from those who decided not to sign a lease renewal. Conduct an exit interview and use the information you gather to improve your processes and services for future tenants.
During the exit interview, you might ask a tenant:
It’s easy for your renters to be more upfront and open when you’re on friendly terms. However, you still need to respect your tenant’s space and be professional.
Tenants value landlords who are accessible and available when they need answers or assistance. Being a responsive landlord means replying to all tenant messages or phone calls. You also need to call back if ever you miss their call. When emergencies happen in the rental, tenants look to landlords to guide them on what to do.
You can also show appreciation towards your renters by sending cards to them on special occasions or holidays. A few heartwarming words reflect your gratitude and show how much you value your renters. Simple gestures like this can strengthen the landlord-tenant relationship.
Inspect your property regularly and arrange for repairs when needed. If you maintain great conditions in your rental space, you can win the loyalty of your renters. Budget for property maintenance so you can fix any property issues right away. Make sure to also be attentive with even minor things, especially if your tenant has complained about the issue.
If you don’t have much time to spare for essential property maintenance, you can hire a trusted property manager to oversee the maintenance of your unit. Not only will you save time with a professional team’s vendor network, but you can also benefit from low repair charges.
Property renovations can increase your real estate investment’s value and attract more tenant interest in your unit. Property upgrades don’t have to be super expensive either. Simple updates like a fresh coat of paint or modern lighting can make your rental space more appealing to renters and encourage them to stay long-term.
Some renters might request to redecorate your unit while others might want to bring in a pet. You don’t have to always turn down these requests with a definite no. You can allow conditional agreements in order to retain quality tenants. For example, you mig ht allow a tenant to have a pet if they pass a pet screening. By being flexible in this way, you can avoid vacant units.
Once you’ve attracted and selected quality renters, you want to retain them. To do this, you can ask for tenant feedback, build good relations with your tenants, prioritize property maintenance, consider renovating your rental unit and be flexible with rental policies.
If you’re searching for a reliable property manager to take care of your tenants and your rental space, contact Innovative Property Solutions today! You can reach us by dialing (904) 321-9020.