If there's one thing every landlord wants, it's great long-term tenants. However, finding these elusive renters can be harder than it sounds, especially since almost two-thirds of renters are considering moving within the next three years, and almost half want to move within the year.
What can you do to avoid this relentless churn when you've found a tenant worth keeping? Here are some of the best tips from our leasing management team on getting more renewals.
Make the Rules Clear
Before your tenant signs on the dotted line for their first lease, make the property rules clear. From deposits to damage to maintenance requests, tenants should know how the property must be treated and the consequences of mistreatment. This helps them understand your expectations.
Good landlords enforce rules, but they don't go overboard. Communicate with your tenants, listen to their side of the story, and be fair across the board when taking action.
Deal With Concerns Fast
The best method of retaining tenants, hands down, is to keep them happy. Doing so requires you to be attentive, communicative, and helpful, especially when tenants have concerns about the property.
Whether they're asking about safety issues or making a maintenance request, don't leave their calls or emails unanswered. Instead, provide a fix as fast as you can or communicate information to help them through their problem.
Be Friendly
It shouldn't surprise you to know that maintaining a good relationship with tenants is a great way to keep them around. Compassionate landlords who are both courteous and respectful can set tenants at ease and make them less likely to gamble on finding a new home elsewhere. In other words, showing a professional yet friendly demeanor may boost your lease renewals.
It should go without saying, but you'll also need to treat all of your tenants fairly, no matter who they are. In accordance with fair housing laws, you should be consistent in your responsiveness and kindness toward people of any race, religion, or gender.
Make Renewals Easy
Speaking of lease renewals, make sure it's as easy as possible for your tenants to renew. At least 90 days before their lease expires, let them know you're interested in having them stick around. Share the next steps for renewing a lease, including any information you'd need from them.
If your tenant is on the fence or makes any requests, such as property upgrades or a slight discount on rent, don't hesitate to negotiate. Small concessions are often far less expensive than finding a new tenant.
Consider Leasing Management
If you struggle to keep tenants in your rental properties, consider working with a leasing management company, especially as a first-time landlord. These pros can help resolve problems, communicate, and screen and manage tenants on your behalf. Better still, their experience in finding and retaining tenants can keep your units filled.
Be Smart About Lease Renewals
Following the steps above can help you remain conscientious and responsive enough to keep the best renters in your units for years to come.
Attracting and keeping great long-term tenants is great for business, but it can take a lot of work! If you're hoping to free up time, consider leasing management services from PMI KC Metro. Call us at 816-200-0519 to learn more.
