Your cash flow is finally improving, and you can pay your bills without trouble - until a tenant calls to say they're moving out.
You encounter expenses and lose rental income each time this happens. Therefore, one of your goals should be to retain every valuable tenant, but how do you do this?
Retaining good tenants might require some lease renewal strategies. If you can learn how to encourage your tenants to renew their leases, your tenant turnover rate will drop.
Here are some strategies that can help you achieve this goal.
Build Good Relationships
There is power in respect. When you respect and treat others well, they feel and like it. Knowing this can help you build quality relationships with your tenants, which will ultimately benefit you and your business.
Building relationships improves a person's rental experience. A tenant who feels valued may find moving out more challenging. Instead, they might decide to stay in their unit for another year.
If your tenants know you care, it may improve the lease renewal process for you and them. It can also simplify your job duties. If a current tenant stays, you won't have to find a new tenant to replace them.
You can hire a property manager to help you find tenants or perform management duties. You may want to compare rental management vs. tenant placement to choose the right services for your needs.
Provide Excellent Services
Building relationships is vital with your tenants, and providing excellent services is one way to achieve this goal. Focus on excellent property maintenance tasks and repair things quickly.
If you fall behind on these tasks, the property conditions suffer. In fact, falling behind on repairs and maintenance might be a sign to hire a property management firm.
Offer Upgrades
You can also encourage your valuable tenants to stay by offering property upgrades. For example, is the kitchen in a tenant's rental property outdated? If so, offer to replace the kitchen if they renew their lease.
Tenants might agree to stay another year if you offer high-quality upgrades. Upgrading the kitchen is one option, but you could also offer to upgrade their bathroom or replace their living room carpet.
Offer Incentives for Staying
Finally, offer some incentives. For example, you could change lease terms to benefit the tenant. You could offer a free gym membership or restaurant gift card.
Incentives motivate people, and choosing the right ones can make a difference. Come up with some creative options and present them to your tenants before the end of their lease.
Use Creative Lease Renewal Strategies to Retain Valuable Tenants
Great tenants are valuable to landlords, and you should use creative lease renewal strategies to avoid losing them. Try these options to boost your tenant retention levels.
Another strategy is to hire a reputable property management company and let them do the work.
PMI Marietta serves the Atlanta, GA, area by providing quality property management services. We handle everything from tenant screenings to lease renewals and repairs. We can help you boost your business.
Get in touch with us to learn more about our services.
