Owning property is a great way to supplement your income, but being a property owner comes with its fair share of stress, too. Today, one of the biggest stressors that landlords face is retaining high-quality tenants.
How do you get good tenants to renew their lease and stay on? The bottom line is that landlords want reliable tenants, but the door swings both ways -- tenants want reliable landlords, too.
If you're a property owner looking for a few proven strategies to assist with lease renewals, just keep on reading.
1. Start Your Retention Efforts Early
Planning to move house is never an overnight decision for any tenant. But the reality is that many landlords/property owners don't begin their lease renewal or retention efforts early enough.
Don't wait until a month or two before the lease is about to expire. Start planning your retention efforts at around the 6-month mark, before it's too late and your tenants decide to move because you failed to plan ahead.
2. Prioritize Convenience with Technology
There's no denying the fact that we live in a technological world and tenants are more tech-savvy than ever before. This is why it's so important to make their lives easier and all the more convenient with modernized, technology-based systems.
Some basic examples include online systems to pay rent and lodge issues or feedback regarding your property. Make sure your tenants can contact you online, whether via email or social media. A tech-enabled smart home is also a great way to make their lives easier and secure your tenant retention.
3. Gather and Listen to Tenant Feedback
Your tenants want to know that you care about their happiness and comfort while living in your property. But bear in mind that you might not know all the ins and outs of your property until you've actually lived in it yourself.
Make it a top priority to ask for feedback on any improvements you can make, and then act on this feedback. Even if it's something as simple as swapping out old lightbulbs for energy-efficient alternatives, go the extra mile. It'll serve you well!
4. Focus on Strategic Property Upgrades
It doesn't matter what type of property you own, competition is rife for property owners in today's day and age. With the huge increase in the popularity of condominium living and their plethora of amenities on offer, it's up to you to make your property enticing.
You might not be able to compete with a sprawling rooftop garden or a doggie daycare. But you can still make strategic upgrades to your property to entice your tenants to renew their lease. Think about smart investments that your tenants will truly appreciate--whether it's the addition of an outdoor patio, a new air conditioning system, new kitchen cabinets, smart home technology, or a basement refurbishment.
Need Expert Advice on Lease Renewals?
Lease renewals are always a tricky topic, no matter how good your relationship is with your tenants. But the more proactive you are at pre-planning your retention efforts, the better.
If you need expert guidance on how to approach your tenant leasing in the Tampa Bay region, the PMI Property Management team is here to help. Check out our leasing guarantees for the ultimate peace of mind as a property owner.