What if you, as a landlord, could sit back, relax, and worry about nothing? With the best tenants in Charlottesville, it's not just a dream. Learning how to increase lease renewals can help you live that reality.
Here are a few tips you can use to encourage your current tenants to stay. With these tips, you can avoid the hassle of finding and screening new tenants. Instead, you can avoid vacancy costs and stress!
Tenant Communication
Develop a strategy for ongoing tenant communication. Nurturing your relationships with tenants will show them you care about their needs. They could feel more inclined to stay if they appreciate you as their landlord.
Start retention efforts early in the leasing cycle. Make it easy for tenants to reach out with questions or concerns.
If they have concerns, respond quickly and try to find a solution. Don't assume you understand their needs. Request feedback to make informed changes.
Show your tenants that you care about their comfort. Conveying your appreciation could boost renter retention.
Rental Property Maintenance
Homeowners spend up to $6,000 on average on maintenance and repairs. As a landlord, it's your responsibility to fulfill maintenance requests in a timely manner. If items don't work properly, your tenants could get frustrated enough to leave.
Before that happens, show tenants you care about their living experience. Complete rental property maintenance requests without delay.
Before tenants have requested, look for the best contractors in Charlottesville. Choosing reliable vendors will save you time, money, and stress in the future.
Maintaining the property can show tenants that they're your top priority. It could encourage tenants to stay longer.
Keeping the property in top shape will help you attract future tenants. They'll see the property is beautiful and well maintained, boosting the property's value and appeal.
Rental Property Upgrade
Use the feedback you've gathered from tenants to make strategic rental property upgrades. Upgrading the property can make it a more desirable place to live. Your happy tenants will want to stay in their beautiful, upgraded units.
If you own an apartment building, consider:
- Doggie daycare
- Bicycle repair stations
- Pools
- Rooftop gardens
- Storage spaces
Consider property upgrades that can help you increase the property value and your retention rate.
Rental Payment Grace Period
Consider offering your tenants a rental payment grace period if rent is due on the first of the month. Allow your tenants to pay up until the sixth without fear of a late penalty.
If you're too strict, your tenants may start looking for a new landlord.
Lease Renewals in Charlottesville
Increasing lease renewals can help you avoid the stress of finding and screening new tenants. Instead, you can keep generating income with tenants you trust with your properties. Start using these tips to generate more renewals today.
You don't have to do it all alone. PMI Commonwealth is a full-service real estate asset management company. We can help you maximize your profitability while simplifying property management.
Our prompt, friendly, professional services will benefit you and your tenants. Contact us today to discover how we can help you boost renewals!
