About 25% of renters are successfully negotiating lower prices when it's time to renew their leases. Are you willing to sit down with your tenants to negotiate? If not, you may struggle to improve your tenant retention rate.
If you're not retaining renters, your occupancy rate and ROI will suffer. Read on for the leasing management tips you need to keep great tenants. With these tips, you can fill your investment properties with people you trust!
Communicate
The moment new tenants move into your Antelope Valley real estate properties, start nurturing relationships. Tenants are more likely to stay if they like and trust you as a landlord. If you only contact them when their lease is up for renewal, they could look elsewhere.
Use a tenant portal to streamline communications and strengthen tenant relations. You'll have an easier time engaging multiple renters at once.
An online portal will allow renters to:
- Pay rent (and automate payments)
- Send maintenance requests
- Review their lease agreements
Consider hosting events for your tenants throughout the year. Send birthday cards to show them you haven't forgotten them.
If you're unable to keep up with messages, hire a property management company. Your property manager can keep tenants happy on your behalf.
Instead of rushing to increase rent, remain willing to negotiate. You can find other ways to maximize your rental income.
Prioritize Maintenance
Allow tenants to send maintenance requests through the online portal and respond as soon as possible. Delaying maintenance projects can frustrate renters. When it's time to renew their leases, they'll look for a landlord that cares about their needs.
Some tenants can complete the repairs themselves and deduct it from that month's rent. Others may decide to take legal action.
Allow your property manager to handle all maintenance requests for you. Leverage their professional connections with Antelope Valley vendors. They'll make sure there aren't any delays.
Offer Upgrades or Incentives
Showing tenants you care about their needs can improve your tenant retention rate. Ask them what they're looking for in a rental property. You can research different types of properties in the area and compare them to yours.
Offer upgrades to remain competitive in the Antelope Valley real estate industry. Choose upgrades that improve your property value and make the rental more enticing.
Upgrades can include energy-efficient windows, new kitchen appliances, fresh paint, or new floors. You can incentivize renters to renew with gift cards to local restaurants or stores. Consider offering one month of rent free instead.
Improve Your Leasing Management
Proper leasing management techniques can boost your tenant retention rate. Retaining tenants will save you time, money, and stress. Thankfully, you don't have to apply these strategies alone.
Instead, consider hiring a property management company. PMI Antelope Valley has nearly 20 years of local real estate experience. We use the latest technology and proven strategies to help owners increase the value of their investments.
We can help you maximize your profitability through award-winning strategies and excellent customer service. Contact us today for help with your leasing management strategy!
