Imagine your favorite tenants staying for another year...then another. Each year they stay is money going into your pocket. You won't have to waste resources screening applicants or marketing vacant listings.
Instead, you can boost your tenant retention rate with a strong rental leasing strategy. As your vacancy rate drops, your revenue will rise.
Not sure how to get tenants to consider renewing a lease? Read on for the leasing strategies you need for success!
Communicate
Renters will want to stay if they love you as their landlord. Your leasing strategies should go into effect the moment renters first move in.
After they sign their lease, offer renters multiple ways to reach out with questions and concerns. Always respond to tenant inquiries as promptly as possible. If it takes them weeks to hear from you, they could get frustrated.
Consider using a tenant portal to remain organized. Otherwise, you may struggle to respond to multiple modes of communication (including emails, calls, and texts).
When speaking to tenants, remain professional, empathetic, and friendly. Try to find a prompt solution to the renter's problem.
If you're struggling to keep up with messages, hire a property management company. Your property manager can respond to inquiries on your behalf. They can boost your tenant satisfaction rate, which could help with tenant retention.
Complete Maintenance
Try to provide tenants with the best possible living experience. Make sure the property remains in the best possible shape. If you neglect to complete maintenance requests, tenants could take legal action.
In North Carolina, tenants can't withhold rent unless issued an order granting permission. However, they can sue the landlord and ask the judge to order repairs. They can also request a retroactive rent cut.
If you're unable to keep up with maintenance requests, hire a full-service property management company. They'll gather competitive rates and hire the best contractors in the area.
Offer Upgrades
You can convince renters to renew their lease agreement by offering upgrades to the property. Choose upgrades that will increase the property value.
The right upgrades can make the property a more desirable place to live for future renters. You could have an easier time reducing your vacancy rate in the future.
Remain Flexible
Give your tenants time to consider renewing a lease. A 90-day notice will give them time to review their options. If they give you an early answer, you'll have time to market the property before it sits vacant.
Increasing the rent could scare away your current tenants. Instead, try to remain flexible with your pricing strategies. Provide them with multiple leasing options.
For example, they can renew their lease for two years at a lower rent rate. Some renters may prefer a monthly option instead.
Develop Your Rental Leasing Strategy
A strong rental leasing strategy can help you retain your best tenants. Boosting your tenant retention rate will save you time, money, and stress. Use these leasing strategies to generate more revenue today!
Remember, you don't have to apply these leasing strategies alone. PMI Blue Ridge has over 20 years of industry experience helping landlords like you. We have a strong record of success and the prestigious awards to prove it.
We can help you generate more profit from your rentals. Request a free rental analysis today!
