Imagine never having to waste time or money on exhaustive marketing efforts. With a strong lease renewal strategy, you can retain tenants instead. Increasing lease renewals will ensure you generate income.
You won't have to worry about vacancy costs, finding and screening tenants, or choosing unreliable renters! Not sure how to get tenants to renew their leases? Read on for the tips you need to avoid vacancies today.
Outline Rental Property Rules
When a new renter signs their lease, make sure to inform them of your rules and regulations. Let them know what to expect to avoid future confusion or conflict. Draft documents that clearly outline these expectations.
Your rules can cover:
- Maintenance request procedures
- Garbage collection schedules
- Emergency plans and procedures
- When you should be contacted
- Emergency contact information
- Quiet hours
- If pets are allowed
Have each tenant sign and date the document before they move in.
Improve Tenant Communication
Gather feedback from your tenants. If they're encountering problems, offer a solution right away.
Ongoing communication can help you improve the tenant's living experience. They'll want to stay knowing you're such a responsive landlord.
Adding smart technology to your rental could make it a more desirable place to live. For example, you can integrate technology using:
- Learning thermostats
- Keyless entry locks
- Tenant portals
Use technology in your business practices and rental units. These investments will show residents you care about their living experience. It can also simplify tenant communication.
Over 75% of renters would pay more rent for a package of their top three smart home amenities. Millennials will pay about 20% more for units with smart home features. Adding these features can encourage renters to stay long-term.
Offer a Rental Property Upgrade
Research rental properties in the area that appear similar to yours. What amenities is your property lacking? Offering a rental property upgrade can help you remain competitive.
For example, you can offer to deep clean the tenant's unit if they renew their lease. You can offer apartment building amenities, including a gym, pool, or rooftop garden.
Appliances are responsible for 13% of a household's total energy use. Consider upgrading to more energy-efficient options. Operating costs of newer models are 9 to 25% lower than conventional models.
These small investments can make your property more appealing. Announce these upgrades as part of your property marketing strategy.
Schedule Property Rental Maintenance
Show renters that you care about their living experience and your property by completing maintenance requests quickly. Ongoing rental property maintenance will help make the unit a more desirable place to live.
Making small repairs will mean fewer expensive renovation projects. If renters decide to leave, you'll have an easier time attracting new tenants.
Increase Lease Renewals in Biloxi
If you're struggling with lease renewals, you could waste valuable resources finding new (but less reliable) renters. Instead, use these strategies to retain your current tenants. With these tips, you can offer them a desirable place to live.
Struggling to boost renewals and tenant satisfaction? PMI Biloxi is a full-service real estate asset management company. We can boost your profitability and lease renewals.
Contact us today to learn more about our services.