Take a moment to calculate your tenant turnover rate; is it higher than you expected? Then you may have a leak in income that you never realized until now.
Keeping those units full is vital to your success. And one great way to do it is to increase lease renewals. By retaining your current renters, you can save money, as you won't have to spend money and time to market your property and vet new tenants.
So what can you do to keep those great renters in your property? Here are some lease renewal strategies that every landlord should know.
Price Your Property Competitively
Do your due diligence and research Pensacola's rental market before you make rental rate changes. You're within your rights to raise prices to compensate for inflation, but bumping up the numbers too much won't be viewed favorably by your renters.
Make efforts to have fair and competitive rates so your tenants don't want to leave. Incentivize their stay even more by giving discounts on lease renewals. These can make the hassle of a relocation not worth it.
Have Good Tenant Communication
Nobody likes being in the dark, especially when it's in regard to their accommodations. Even though you own the property, the units are still your renters' private spaces, so make sure you're respectful and reasonable.
Observe local landlord-tenant laws, which ensure you don't cross both legal and personal lines. For example, you aren't allowed to enter any units without giving prior notice, which gives tenants ample time to prepare.
Keep Your Property in Excellent Condition
There are small things you can do to maintain your property's curb appeal, such as landscaping and painting. However, you need to go above and beyond to not only retain your current renters but to get new ones in too.
Hold regular property inspections so you can find small issues and address them before they become any bigger. In addition, respond to maintenance and repair requests promptly. Your tenants will find your proactiveness impressive.
Work With a Property Management Company
What better way to retain tenants than to draw upon years of knowledge and experience? With a full-service property management company, you'll have access to these things. They'll know exactly what your renters' concerns are and will tailor their services to encourage them to stay.
Also, they have many other services that'll make being a landlord less stressful. For example, they can perform property marketing, tenant screening, rental property inspections, maintenance, rent collection, and evictions. You'll enjoy a hands-off approach to your job.
Increase Lease Renewals at Your Property
To decrease overhead and increase profits, getting lease renewals is a must. Otherwise, you'll be spending unnecessary money on the revolving door of renters.
You don't have to do this alone though. With the aid of a seasoned property management company, you'll find your landlord duties more pleasant to deal with.
Get in touch with PMI C-Shell now for rental property maintenance services. We have two decades of experience, which makes us experts in the industry.