Has your vacancy rate increased this past year? Improving your tenant retention rate can save you time and money. You won't have to waste resources on marketing, screening tenants, and onboarding.
Instead, you can boost lease renewals to keep generating revenue from your investment properties. Not sure how to encourage renewals? Read on for the tips you need to retain renters today!
Start fostering strong relationships with your tenants as early as possible. If they like you as a landlord, they'll be more inclined to stay. If they're unhappy with their experiences, they'll tell other renters in Sarasota, costing you potential tenants.
Once tenants sign their lease, let them know how they can contact you with questions or concerns. Respond to these inquiries in a polite, prompt, and professional manner.
The longer tenants wait for a response, the more frustrated they could become. If you're juggling too many properties at once, hire a property management company. They can respond to tenant inquiries on your behalf.
Give your tenants a 90-day notice when their lease is about to lapse. An early notice will give you time to address issues they may have.
If tenants decide to leave, it will also give you the chance to market the property and find new renters. You can reduce the vacancy period to keep generating revenue.
Find Great Tenants
Have a tenant screening process in place to ensure you find great tenants from the beginning. These tenants pay on time and respect your property. You'll want to retain these tenants long-term.
Unfortunately, many tenant screening reports include inaccurate information. Hire a property management company. They can handle this process for you and ensure you receive accurate reports.
Offer incentives to encourage more lease renewals. For example, do you offer new tenants a discount on their first month of rent? Consider offering tenants who renew their lease the same monetary incentive.
You can also upgrade the property to encourage renters to stay. Upgrading the property will boost its value and make your listing more desirable than others in Sarasota. Even if your existing tenants leave, you'll have an easier time attracting new tenants.
Use Rental Lease Technology
Improve our rental lease renewal process by using state-of-the-art leasing technology. Technology can make it easier for tenants to renew their leases. They'll have time to review the lease alone, which can build trust.
Leasing technology can also improve communication and landlord-tenant relations. Choose a property management company that can provide you access to these resources.
Request Landlord Advice
If you're struggling to increase renewals, hire a property management company. Their landlord's advice can help you make informed changes.
For example, your property manager may recommend you prioritize maintenance. They can help you improve landlord-tenant relations, increasing tenant satisfaction.
Increase Lease Renewals in Sarasota
Increasing lease renewals can feel stressful if you don't have a plan. Use these tips to boost your tenant retention rate. Otherwise, outsource the process to an experienced property management company.
Our team at PMI Sarasota has nearly 20 years of industry experience helping landlords like you. We can help you generate more renewals. Contact us today to discuss your strategy!