In a single year, about two-thirds of renters renewed their leases. How many of your tenants renewed? If you're not encouraging lease renewals, you could waste resources finding new ones.
Instead, read on to develop a lease renewal strategy. With these tips, you can retain reliable renters to maximize your earning potential!
Prioritize Tenant Communication
Nurture tenants at the very start of their leasing cycle. Communicating with tenants will show them you care about their needs. If you're difficult to reach, they could get frustrated.
They may want to leave to find a landlord who is more responsive and helpful. Before that happens, use a tenant portal. A portal can streamline tenant communication.
You won't need to use more than one method (phone, text, emails, etc.) to engage with tenants. This will help you avoid delayed responses.
Look for ways to improve the tenant's living experience. Better experiences will boost satisfaction rates. Your happiest tenants are most likely to renew their leases.
Ask tenants for their feedback. Learn how you can improve and make those improvements. You'll show tenants that you care and want to meet their needs.
When the tenant's lease is about to end, send them a 90-day notice. Providing an early response will allow them to consider their options.
Complete Rental Property Maintenance
Neglecting to complete rental property maintenance could upset your tenants. They may decide to take legal action or complete the repairs themselves. These renters aren't likely to renew their leases.
Use rental property technology to accept maintenance requests. Otherwise, outsource. A property manager can schedule rental property maintenance projects for you.
Offer a Rental Property Upgrade
Choose a rental property upgrade that will make tenants eager to stay. Select upgrades that enhance the property's value. Even if renters don't stay, the property will become more desirable to future renters.
These rental property upgrades can include:
- New floors
- Fresh coats of paint
- New kitchen cabinets
- The latest kitchen appliances
- New light features
- Fresh siding
Be Smart About Increases
You'll scare away tenants if you massively increase their rent. About one in four renters are successfully negotiating lower prices when it's time to renew.
Remain open to negotiating with your tenants. Being smart about increases could help you generate renewals. You'll save money keeping tenants.
Modernize With Rental Property Technology
Renters are becoming more tech-savvy. They value the ease and convenience of tech-enabled smart home devices. For example, smart thermostats and keyless entry locks.
Consider integrating new technology in your investment properties and business practices. If you're not already, start using a tenant portal for rent collection. The ease and convenience will ensure you're meeting your tenant's expectations.
Generate More Renewals in Reno This Year
Learning how to encourage lease renewals can improve your ROI. You won't have to worry about your Reno rental properties sitting vacant for months.
You don't have to develop your leasing management strategy alone. PMI Diversified Properties has 20 years of industry experience. We use state-of-the-art technology and award-winning strategies to help our clients.
Ready to maximize your earning potential? Contact us to start generating more renewals.
