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About 45% of landlords manage their own properties, though not always efficiently. Without a plan, you could struggle to retain great tenants. As your vacancy rate increases, you'll lose income.
Before that happens, use these tips to improve your leasing management strategy. With these tips, you can retain happy tenants while expanding your real estate portfolio. As you attract more tenants and increase lease renewals, your ROI will rise.
Make a change for the better with these tips today.
Hire a Property Manager
You don't have to manage your rental properties alone. There are over 296,200 property management businesses in the US. With full-service property management services, you can save time and keep tenants happy.
Your property managers can handle:
- Marketing
- Tenant screening
- Rent collection
- Maintenance
- Accounting and reporting
- Eviction
Outsourcing these tasks to an experienced property manager will save you time and money. It will also ensure your tenants remain happy. They'll have access to the help they need quickly.
The longer tenants wait for help, the more likely they'll get frustrated. They might decide not to renew their lease with you.
Choosing a full-service property management company will help you better manage your properties without stretching yourself thin. Leveraging their tenant screening services will also help you find the right tenants. You can avoid tenants who might pay late or trash your property.
Provide Amenities
Attract and retain tenants long-term by offering amenities they want and need. Tenants put as much importance on aesthetics as they do on their lifestyle. Consider:
- Open floor plans
- Outdoor spaces
- Hardwood flooring
- New appliances
- High-speed internet
If your property doesn't meet their needs and expectations, they'll leave.
Complete Repairs
Complete maintenance requests quickly to keep tenants happy. If tenants have to wait too long for help, they'll grow frustrated. They might leave a negative review, affecting your ability to attract future tenants.
Working with an experienced property management company can help. They already have connections with the best local vendors. They'll hire contractors to complete maintenance requests promptly.
Be Fair
Make sure to treat tenants fairly. Don't show bias due to family status, sexual orientation, religion, or race. Showing favoritism could have legal consequences.
Talk to your property manager about local laws and regulations. They'll help you remain fair and compliant.
Reach Out
Plan to reach out to tenants 30 to 60 days about lease renewals. Notifying them early could increase their interest in renewing. It can also show them you care about communicating with them.
If your tenants have a request, listen and determine what's reasonable. For example, they might want to keep the rent lower in exchange for renewing the lease. They might request upgrades if there are problems with the unit.
Retain Tenants With Leasing Management
Increasing lease renewals is easier than you might realize. Use these leasing management tips to retain great tenants long-term. Retaining tenants will boost your revenue.
Remember, you don't have to do it alone. Relying on a property manager can save you time and money.
Need help with your rental properties? Contact our team at PMI Cobb to discover how we can help.
