If there is one bit of property management that landlords prefer to skip, it's having to re-market a property because your tenant is leaving. When you have a reliable tenant, you want to do everything you can to keep hold of that person. It's why many landlords monitor their retention rates.
If you are nearing the end of a lease agreement, read on. We'll offer some leasing management tips to help keep tenants happy and persuade them to remain in your property.
Be Responsive When Tenants Report Issues
The most frustrating experience for any tenant is when a rental issue, like a broken shower, causes them daily inconvenience, and their landlord isn't rushing to resolve the problem.
You can retain the best tenants by demonstrating responsiveness and putting their needs first. Keep tenants updated on the status of issues and address maintenance problems as promptly as possible.
You should also inspect the property for potential maintenance issues, as this is the best way to keep your rental in excellent condition and prevent major breakdowns.
Build Trusted Relationships With Tenants
Staying on top of maintenance is not the only task on your list if you want happy tenants. You also need to work on developing a strong, trusted relationship.
If you can foster a positive relationship with tenants built on excellent communication, that tenant is more likely to renew their lease agreement.
Little actions can make the difference, like giving your tenant ample notice before you run an inspection or contacting them to ask about any renovations they feel are needed for the property.
When you do that, tenants feel heard, which shows you value that relationship.
Provide Some Property Leasing Incentives
In a buoyant market, tenants might have many choices about where they live. So you need to give them a compelling reason to sign a lease renewal with you, and that's where some incentives may help. You could tempt tenants with:
- A discount on the first month's rent when they sign
- Property upgrades, like new appliances
- More flexible lease terms
- Relaxing tenancy rules, like allowing pets
Before you offer incentives to your tenants, speak to them and get to know them. The more you understand about your tenants and their priorities, the easier it will be to find an incentive that interests them.
Offer a Competitive Rental Rate
Your rental rate may have been competitive the last time you got tenants to sign a lease, but the market changes all the time. Research your neighborhood to check rental prices on similar properties and make sure yours is competitive.
If you have a reliable and trustworthy tenant, it may be worth offering a rate slightly below similar properties as an added incentive.
Leasing Management Tips for Landlords
At the heart of any leasing management strategy is your tenant's welfare. If you can make their rental experience enjoyable and hassle-free, you'll improve your chances of retaining them.
At PMI, Property Pros, we can help make that happen. Our focus on prompt and friendly customer service means your tenants are always in capable, experienced hands. Discover more about our tenant management services in Milwaukee, Wisconsin.
