05 May How to Get Your Tenants to Renew Their Lease
Truth be told, finding a tenant can be troublesome. Sometimes it can take a little longer than expected, meaning lost rental income, which is definitely something we all would like to avoid. So once you have an excellent tenant, what do you do to keep them? Here are a few things you can do to keep your current renter pleased and intent on renewing their lease.
Tenants stay in their rentals for several reasons: they might be waiting to get married or have children, or maybe they’re saving to purchase a home, or it may just be that they love the flexibility of renting. If your tenant has been renting from you for over a year, chances are they’ll be hanging around for longer. Studies have shown that half of tenants who have been in their current rental for a year or longer don’t want to deal with another move. They’re pleased with their current living situation, including their current neighborhood and how much they’re paying in rent, and they have no intention of finding another rental for another few years.
Here are some ways to improve your tenant’s renewal rate and continue to keep them satisfied.
1. Be Receptive and Accessible
There are times when renters will brush off small issues because they don’t want to feel like a bother to the landlord. These small issues can turn into larger ones if not corrected early. To prevent this, let your tenants know the best way to reach you, including times that you may not be available. Once they bring a concern to you, respond quickly and efficiently. This shows that you not only care about where they are staying, but about them as well.
2. There’s No Place Like Home
There’s nothing more welcoming than a small package that gives them useful information about the neighborhood. This can be as simple as take-out menus, a list of the closest post offices, grocery stores, parks, gas stations. These will help them feel more at home with their new surroundings and feel as though they already know the area.
3. Deal With Issues
Show your tenants that you are a reliable landlord by solving concerns and issues quickly, without objection, and check in to confirm that the issue has been properly taken care of. If a problem arises or something is defective or broken, the frustration level in your tenant will increase the longer you let the issue linger and go unfixed. Aim to take care of all problems speedily.
4. Communicate With Your Tenants
Keep in consideration that for the length of your renter’s tenancy, your property is the place they now call home. Notify your tenants prior to having any work done no matter if it’s something as small as having a landscaper come out to cut the grass or something larger like having a new appliance delivered.
5. Be Personal
Your business is your rental property, and you should operate it as such. Be mindful and appreciative to your tenants just as you would to any of your employees or staff. Being a landlord does not mean that you should be able to treat your tenants as any less of a person. Appreciativeness may come in the form of lease renewal.
Need Help Getting Tenants to Renew? Let Sound Choice Work for You!
Sound Choice offers full-service property management in Niceville, Destin, Crestview, Fort Walton Beach and the surrounding areas. We are dedicated to providing a maximum return on your investment and eliminating hassle and stress.