Every landlord has one: a tenant who never complains, never pays rent late, and never causes issues. Retaining that tenant long-term can ensure you avoid stressful situations while providing a long-term source of income. With a leasing management strategy in place, you can get those tenants to renew their lease!
Not sure how to encourage a lease renewal in Biloxi, MS? Read on for the tips you need for success!
Screen Tenants
Before applying the rest of these lease renewal tips, have a tenant screening process in place. Screening tenants will help you avoid unreliable or unruly tenants.
Reports can include:
- Income and employment verification
- Criminal record checks
- Eviction records
- Rental payment histories
- Identity verification
- Income/employment verification
- Credit reports and scores
- Bankruptcies
Between January 2019 and September 2022, the CFPB received 26,700 complaints related to tenant screening. About 65% of these complaints claimed the reports had inaccurate information. Hire a property management company to handle tenant screening for you.
They'll ensure the reports are accurate. Outsourcing tenant screening can also save you time and money.
Once you find the best tenants in Biloxi, you can focus on retaining them.
Discuss Lease Renewal Early
Be proactive and discuss lease renewals early. Reach out to the tenant 90 days before the lease expires. Ask if they're interested in a lease renewal.
Giving them early notice will encourage them to consider staying. If they decide to move, you can start marketing your property as soon as possible. Neglecting to market the listing could lead to a long-term vacancy.
Improve Tenant Communication
Show tenants that you care about their needs and comfort. Make tenant communication easy by offering more than one way to communicate. For example, you can use an online tenant portal, email, or talk in person.
When speaking to tenants, remain patient, professional, and courteous.
Prioritize Rental Property Maintenance
Neglecting rental property maintenance could frustrate renters. They may leave or even sue you if you're neglecting local housing laws. For example, if you don't make repairs after 30 days, they could:
- Cancel the lease
- Use the repair and deduct remedy
- File a suit against the landlord in justice court
Rental property repairs will allow you to maintain the unit.
Offer Tenant Incentives
Give tenants a reason to renew their lease. For example, you can offer:
- Quiet study rooms
- Secure bike racks
- Stainless steel appliances
- Hardwood flooring
- Smart technology (security, AC, etc.)
Remember to talk to your tenants to determine which features will encourage renters to stay long-term.
Hire a Property Manager
Juggling these leasing management tasks alone can become time-consuming. Consider hiring a property management company. They can improve tenant communications, complete rental property maintenance, and more.
Their services could make the property a more desirable place to live.
Ensure Effective Leasing Management
Encouraging your reliable, valuable tenants to renew their leases shouldn't feel complicated. Instead, use these leasing management tips to retain renters. If you need help, consider hiring a property management company.
The best property management company can take care of these tasks and more on your behalf.
PMI Biloxi has over 20 years of experience maximizing owner profitability. Contact us today to discover how we can boost your lease renewals!
