What if you never had to waste time or money marketing your vacant listings ever again? With a strong leasing management strategy, you can boost lease renewals. Instead of screening new tenants, you can hold onto the ones you already trust with your property.
You'll save money on move-out cleaning, tenant turnover, and more in the process! Not sure how to boost renewals? Read on for the strategies you need to implement today.
Use Ongoing Lease Enforcement
Your leasing management strategy should start the moment you acquire a new tenant. Prioritize fostering healthy landlord-tenant relationships.
Give your tenants multiple ways to reach out with questions and concerns. If they struggle to reach you, they could get frustrated.
Stay in continuous renewal mode. Ask tenants if there's anything they need or what improvements you can make.
The average tenant satisfaction score drops from +51 to +24 within six months due to poor communication. Poor communication leads to distrust, poor tenant retention, and frustration. It can also break down your relationship with tenants.
Communicating with your tenants can help you avoid miscommunication. It will also show tenants you care about their needs. If you're struggling to respond to inquiries in a quick manner, hire a property manager.
Consider using a tenant portal to streamline communications. About four in five residents don't want to talk in person. They think they should be able to get what they need through chat, text, or direct message.
A full-service property management team can handle tenant communication on your behalf. Their services can improve customer satisfaction. As satisfaction rates improve, your tenants may feel more inclined to stay another year.
Improve Resident Experiences
Look for ways to improve the tenant's living experience. If they're unhappy with their living conditions, they won't renew their lease.
Always respond to maintenance requests quickly. Have a list of local contractors you know and trust. Otherwise, you'll waste time vetting different companies.
Make rent collection and other processes easy by using online portals. Avoid these mistakes as well.
You can improve resident experiences by upgrading the property. Consider adding new, energy-efficient appliances to the unit. You can also add amenities to common spaces, such as a garden or dog park.
Offer Incentives
Consider offering incentives as part of your rental leasing strategy. Perhaps you offer new renters the first month off. Offer the same to tenants who are renewing their lease.
You can also create a referral program to reach new renters and keep your existing tenants. For each referral they bring in, offer a gift card to a local restaurant or a discount on rent. You'll expand your reach and increase your tenant retention rate.
Use Full-Service Property Management
If you're struggling to apply these strategies alone, hire a property manager. An experienced property manager can boost tenant satisfaction and retention. Their services will save you time and money while ensuring you keep great tenants.
Increase Marietta, GA Lease Renewals
Increasing lease renewals in your Marietta, GA properties can save you the stress of finding, screening, and moving in new tenants. Start using these leasing management tips right away. Remember, you can save time by hiring a property manager.
PMI Cobb has nearly 20 years of industry experience helping landlords like you. Contact us today to discuss your lease enforcement strategy.
