Imagine your current tenants walking out, leaving every property vacant. Without a leasing management strategy, your vacancy rate could rise. You'll have to spend thousands of dollars on marketing to fill your vacant properties!
Instead, use these tips to encourage your favorite tenants to renew! Retaining tenants can save you valuable time and money. Generate more revenue from your investment properties today!
Hire a Property Management Company
Before applying the rest of these tips, consider hiring a property management company. A full-service property management company can boost your tenant satisfaction rate. Happy tenants are more likely to consider a lease renewal.
A full-service company can handle everything from:
- Cleaning and maintenance
- Legal compliance
- Tenant screening
- Accounting and reporting
- Rent collection
Allowing a professional to handle these tasks can save you time and money. Meanwhile, tenants will have better living experiences. They'll want to stay knowing they can depend on you and your property manager.
Maintain Strong Tenant Relations
When new tenants move in, give them multiple ways to reach you with their questions or requests. Neglecting to respond to tenants could lead to frustrated renters. They won't want to stay if you're not a helpful, responsive landlord.
Strong tenant relations will show renters you care about their needs. Consider using a tenant portal to make communicating easier. Your property management company can also respond to these inquiries on your behalf.
Maintain Your Investment Properties
Keep your rental properties in the best possible shape. Your property management company can handle maintenance requests. Maintenance and repairs are the top tasks property management companies cover.
Maintaining your investment properties will show renters you care about their living experiences. It can also help you attract new renters later.
Outsourcing maintenance coordination to a property management company will ensure projects are done on time. Otherwise, renters may get frustrated waiting for the help they need.
Encourage Lease Renewal Early
Give renters a 90-day notice when it's time to consider their lease renewal. Giving them enough notice will allow them to consider their options.
Consider offering incentives and upgrades to encourage renters to renew their leases. For example, you can offer new appliances, a month off rent, or energy-efficient features. Choose upgrades that will boost the property value.
Try to remain flexible when negotiating with renters. For example, you can give them a two-year lease option.
You can also let them choose between a lease extension or renewal. Renters will want to stay for the security and convenience.
Effective Leasing Management
Effective leasing management can help encourage lease renewals. Retaining tenants will boost your revenue while helping you save time and money. Start using these leasing strategies to boost your ROI today.
Remember, you don't have to apply these leasing strategies alone. Working with a property management company can save you time, money, and stress.
Look no further than Harland Property Management! Our premier management company has served the San Diego area for almost 20 years.
We have a proven track record of success and a strong understanding of the local real estate market. Maximize your potential for success. Request our management services to reduce your vacancy rate today!