Are you struggling to find and keep great tenants? Increasing lease renewals can help you avoid a competitive real estate market. You can also save the time and money you'd otherwise spend on marketing and tenant screening.
Instead of losing your favorite tenants, use these five creative strategies to increase lease renewals. Retaining tenants will give you an ongoing source of income, even as national vacancy rates rise. Boost your retention rate with these proven strategies today!
1. Start Screening
Retaining amazing tenants starts long before a tenant signs their lease. Set yourself up for success by developing a tenant screening process. If someone is unreliable, you'll struggle to develop a good landlord-tenant relationship with them.
Consider hiring a property management company that offers tenant screening services. They can ensure more accurate information.
A thorough screening will include a background check, employment verification, and credit check. Choose renters who don't have a history of paying late, disrupting neighbors, or causing problems. Vetting renters will help you avoid future headaches.
In fact, 15% of American households (six million renters) are behind on rent payments. If you choose renters who have paid late in the past, it will affect your revenue stream.
Screening and finding quality tenants will give you peace of mind later. You'll find tenants you want to keep in your investment properties.
2. Hire Property Managers
Increase tenant satisfaction rates by offering your renters the best possible living experiences. If they're happy living in your rental property, they'll want to stay. You'll have an easier time convincing them to renew their rental lease.
To improve your renters' living experiences, consider hiring a property management company. The people you hire can improve your tenant relations.
For example, your property manager can respond to inquiries and concerns in a timely manner. If you delay to respond, renters could get frustrated.
Look for a full-service property management company that offers maintenance coordination services. Completing maintenance projects quickly can further increase satisfaction rates. If you fail to fulfill maintenance requests, it could tell renters you don't care about their needs.
3. Enhance Communication
Have a plan for keeping in touch with residents. Use an online portal to update them about maintenance, community events, or possible disruptions.
Be professional, courteous, and patient when communicating with tenants. End your messages with a call to action that specifies how you want tenants to respond.
4. Gather Feedback
You can further improve tenant satisfaction rates by asking for feedback. Use the feedback you gather to make informed adjustments.
Renters will see your listing and want to improve. They could decide to stay, improving your tenant retention rate.
5. Offer Incentives
Upgrade the property or offer incentives to encourage tenancy lease renewals. For example, you can offer tenants a month off their rent. Use real estate technology to improve tenant experiences.
Don't rush to increase rent, which could scare off tenants. Instead, respond to their needs.
Increase Lease Renewals in Noblesville
Increasing lease renewals will ensure you have an ongoing source of income, even as real estate trends change. Use these tips to boost renewals in Noblesville. Remember, you don't have to do it all alone.
Working with a property management company can make all the difference. The team at PMI Indianapolis has nearly 20 years of industry experience. Contact us to schedule our consultation.