Imagine the great tenants you already have staying for another year...then another. You wouldn't have to worry about vacant units or screening applicants. Instead, you'll have peace of mind and an ongoing source of rental income.
About two-thirds of renters renew their leases. With a tenant retention strategy in place, you can generate more lease renewals.
Not sure where to start? Read on for the tips you need for success!
Consider Tenant Retention Early
Apply these tenant retention efforts early in the leasing cycle. Don't wait until a month or two before the lease expires. Instead, show tenants you care about their needs and concerns the moment they move in.
Engage with tenants throughout the duration of their lease. Use email automation to send birthday and holiday messages.
Provide renters with multiple ways to reach you. Ongoing tenant communication will show residents they're appreciated and looked after.
Manage multiple investment properties and tenants using an online tenant portal. The portal will consolidate messages. Respond to tenants right away when they have requests.
Communication will improve tenant satisfaction rates. Once they recognize you're a caring, responsive landlord, renters may decide to renew their leases.
Modernize the Rental Property
Keep up with your tenants' needs and expectations. Start modernizing systems. Remaining up-to-date with industry trends could give you a competitive advantage.
For example, more tenants value the convenience of smart home technology. Provide them with access to:
- Learning thermostats
- Keyless entry locks
- Virtual assistants
- Online portals
Use technology in each rental property and in business practices. Allow tenants to automate rent payments online. These small investments can show tenants you care about their needs.
Make strategic upgrades to the property to enhance each tenant's living experience. For example:
- New floors
- Energy-efficient windows
- New kitchen appliances
- Storage spaces
- More parking
They'll recognize that you're going above and beyond as a landlord. You can increase the likelihood that they'll stay for another year.
Act on Feedback From Great Tenants
You can't meet each tenant's needs if you don't know what they need. Gather feedback from your tenants. Determine what problems they're facing with your business practices and rental property.
Perhaps tenants aren't getting fast enough responses when submitting maintenance requests. Use an online portal to accept and track requests.
Survey residents after they've lived in your rental property for a few months. Once you gather feedback, act on it! Show tenants that you care about their comfort.
Hire a Property Management Company
Instead of developing a tenant retention plan alone, hire a property management company. Their services can enhance tenant living experiences.
A property manager can streamline rent collection, maintenance, and more. They'll ensure ease and efficiency. Tenants will want to stay knowing they're taken care of.
Generate More Lease Renewals Today
Increasing lease renewals can give you peace of mind. You won't have to worry about losing money over vacant units. Instead, you can maximize your earning potential by keeping the great tenants you already trust.
Remember, you don't have to do it alone. Our team at PMI Biscayne Bay has 20 years of industry experience. We can maximize your profitability using proven strategies and technology.
Ready to improve your retention rate? Contact us for property management services!
