Imagine tenants who pay rent early, never upset their neighbors, and get along with you. You want to keep those tenants, right? Improving your tenant retention rate will give you an ongoing source of revenue.
You won't have to worry about the stress of checking an applicant's credit score, eviction history, or criminal background. Instead, feel confident knowing you have great renters!
Not sure how to keep great tenants? Read on to develop your leasing management strategy today.
Communicate
When new renters move in, provide them with more than one way to reach you with concerns. If they struggle to contact you, renters could get frustrated. They'll leave in search of a landlord who cares about their needs.
Be friendly, cooperative, and patient when tenants contact you. Try to respond as soon as possible. Open communication can help reduce misunderstandings.
You can develop stronger tenant-landlord relationships, which could encourage tenants to stay. If you're struggling to communicate with tenants, hire a property manager.
They can act as a neutral third party. They'll interact with tenants on your behalf while meeting tenant needs.
Upgrade the Rental Property
Talk to your tenants about their needs and concerns. Based on their feedback, consider making upgrades to the rental property. Making upgrades will provide renters with a more desirable place to live.
You can meet market demand while improving your tenant retention rate. Your current tenants won't want to move out if your rental is the best in the area.
Choose upgrades that boost the property value. For example, you can add energy-efficient windows or an on-site gym.
These upgrades can become good investments. You'll have an easier time retaining tenants and attracting new renters.
Don't hesitate to complete maintenance requests. The longer you take, the more frustrated renters could become. They may decide to take legal action if you don't provide them with a hospitable place to live.
Provide Lease Renewal Options
Consider offering your renters multiple leasing options. For example, you can add a longer lease term, allowing them to lock in their rent rate for a longer duration. Your renters will have stability and peace of mind, which could encourage them to stay longer.
Perhaps your renters would prefer a more flexible, monthly rental option instead. Talk to them and determine their needs. Compromising can help you find an option that works for all parties.
Don't rush to increase their rent. Get a rental analysis first to consider market fluctuations.
Hire a Property Management Company
If you're struggling to retain renters, hire a property management company. Their landlord advice will help you make informed changes to your leasing strategy.
They can respond to tenant needs, improving satisfaction rates. Happy renters are more likely to stay. Their landlord tips can help you maximize your earning potential.
Update Your Leasing Management Strategy
Don't neglect your current tenants. Instead, use these leasing management tips to boost your tenant retention rate. With these tips, you can gain an ongoing source of revenue without stress.
Remember, working with a property management company can make all the difference. PMI Chevy Chase has nearly 20 years of experience helping landlords like you.
We use state-of-the-art technology to help maximize your earning potential. Contact us today to upgrade your leasing strategy.
