You've had a great tenant for a whole year, but then they let you know that they aren't looking to renew their lease. While this isn't an uncommon occurrence, it's not exactly what you want to hear. A vacancy means a loss of rental income and the hunt for a replacement.
The best way to keep great tenants is by providing a rental unit better than the competition. That includes being a good landlord who is flexible, maintains their property, and respects the privacy of their tenants. Leasing management is one part of this equation.
Here's how to retain tenants on your investment property.
Maintain Your Property
The first way to boost tenant retention is through regular property maintenance. As the property owner and landlord, it is your responsibility to keep things like electrical, HVAC, and plumbing systems in their best condition. The same goes for structural components such as the roof and entryways.
Every landlord should visit their property regularly to make sure that it looks good from both the outside and the inside.
Offer Competitive Rent
Finances are an important factor when it comes to renting an apartment. Tenants are always looking to save money while also managing to live in an area they find comfortable or exciting.
As such, a renter is unlikely to renew their lease if they find a comparable property or apartment with a lower rent.
Both experienced and first-time landlords need to regularly research their local market to find the going rate for similar properties.
Communicate Effectively
It's easy to lose touch with your tenants when you're responsible for so many. You may also get caught up with your own life or think you come across as overbearing if you reach out to them.
What's important is that you maintain an open and clear line of communication with them. If they have any complaints, they should be able to reach you.
Respect Their Privacy
Even though regular inspections and communication are to be expected, you shouldn't become overbearing. Every renter has the right to their privacy, and that should be covered in their lease.
At the very least, a landlord needs to give at least 24 hours' notice before they do an inspection. That notice needs to be given during the daytime when the renter is likely to see it.
Provide Amenities
Offering amenities is a great way to get tenants to renew their leases. Some of the most common ones include high-speed internet, laundry facilities, and a fitness center.
While these are all extra costs, they can ensure more consistent income from your rental property.
Try Leasing Management Today
Leasing management services make tenant retention much easier for landlords. A property manager can answer maintenance requests on a timely basis and follow up with tenants afterward. Landlords can also rely on them to handle multiple properties at once.
If you're in need of a property management company, look no further than Renters Warehouse. We provide marketing, tenant screening, rent collection, maintenance, and more for the Hampton Roads area. Contact us today to learn more and get your free rental analysis.
