Imagine reaching full occupancy next year. You won't have to spend time screening applicants or money on marketing campaigns. Instead, you can sit back, relax, and watch the money roll in.
With a strong leasing strategy, you can boost lease renewals and your ROI. Not sure how to get your current tenants to renew? Read on for the strategies you need for success!
Start With Tenant Screening
You don't want to keep disruptive tenants who pay rent late. Before applying the rest of these leasing strategies, update your tenant screening process.
You can save time and money by outsourcing your tenant screening needs. Otherwise, you could gather inaccurate information from your tenant background checks. You could unintentionally choose renters who pay late, upset neighbors, and damage rental properties.
You can outsource this process to a property management company. They'll help you choose quality, reliable tenants.
Prioritize Good Communication
Once you attract new tenants, prioritize good communication the moment they move in. Provide tenants with multiple ways to reach you with requests or concerns. You can use emails, text messages, and an online tenant portal.
Tenants will appreciate that it's easy to reach you when they're experiencing problems. If you're difficult to contact, they could get frustrated. They might think you don't care about their needs.
These tenants may decide not to renew their leases. They'll look for a landlord who cares and goes the extra mile instead.
Offer Renewal Options
Don't rush to send a renewal letter that mentions a huge rent hike. Instead, give your tenants renewal options.
For example, you can offer a two-year lease without a rent increase. You can also offer a monthly lease option or six-month option.
Talk to your tenants to learn more about their needs and priorities. Try to compromise. Your tenants may be more inclined to stay if you work with them.
Keep Up With Property Maintenance
Keep up with all property maintenance requests. Provide your renters with the best possible living experience.
If you delay completing these requests, they could grow frustrated. They may decide to take legal action and move out. Keeping up with maintenance will show renters that you're prioritizing their needs.
Offer Property Upgrades
Improve the tenant's living experience by offering property upgrades. Choose upgrades that boost your property value. Even if the tenant doesn't renew, these upgrades can help you attract new tenants.
For example, you can add a pool, offer new kitchen appliances, or open a gym on-site. Consider monetary incentives, like a gift card or rent discount.
Increase Lease Renewals in San Jose
Boosting lease renewals can provide you with an ongoing source of revenue. You won't have to waste resources screening and attracting new tenants. Instead, you can make the most of your investment properties.
You don't have to apply these leasing strategies alone. PMI has nearly 20 years of industry experience helping landlords maximize their earning potential.
Our award-winning team uses state-of-the-art technology and proven strategies to boost renewals. Contact us today to start benefiting from our services.