You've found a great tenant for your property. They pay rent on time, get along with their neighbors, and maintain their apartment or house to keep it in good shape.
Finding tenants is one thing, but how do you keep them in your investment property?
The key is to keep up with leasing management. Whether it's negotiating rental terms or handling maintenance issues, you must stay on top of it.
Here are our expert tips to make tenant retention easy.
Provide Attractive Lease Renewal Options
One of the best leasing management strategies is to make lease renewal sound more attractive than moving out. You can make it easy with an automatic renewal clause or lock in their rental rate.
Most renters want stability and peace of mind. Once they've made a place their own, it's easier to stay there than to move again.
After all, a recent survey found that many Americans find moving more stressful than having kids or getting a divorce. You can use that to your advantage.
Make Communication Easy
Communication between a landlord and a tenant is key to sustaining a good relationship. Renters that have good relationships with their landlords and neighbors are less likely to want to leave.
However, you must ensure that you make communicating easy. Provide plenty of contact numbers in the event of an emergency or if they need to submit a maintenance request. Give them your email or office phone number if the issue is less pressing, such as if they have questions.
Respond Quickly to Maintenance Requests
If you want to know how to keep great tenants, it usually comes down to maintaining the property and making your renters feel like they're being heard.
If a tenant has a leaky faucet or a broken AC, you want to make it easy for them to submit a maintenance request. You also want to get the problem fixed as soon as possible.
The best way to ensure a smooth repair process is to work with a property management group.
Upgrade Your Property
The nicer the space and the amenities, the more likely your existing tenants will want to stick around. So, one of our top property management tips is simply to make some upgrades.
New LED bulbs help to transform dark hallways and flooring replacements can change the look of an outdated lobby. You could also put money into better landscaping and add beautiful flowers around the grounds.
If you're going to increase the rent, you should also keep up with regular updates and upgrades to make your tenant's living experience more enjoyable.
Trust us, your renters will notice!
Leasing Management Made Simple
Keeping excellent tenants around works to your advantage, and you can retain them with these leasing management strategies.
If you want to make the leasing process even easier, you should consider property management services for your Tacoma property. We can help you with maintenance, marketing, tenant retention, and much more. Get a free rental analysis today and find out how much you could profit.
