Did you know that there are more than 15 million rental properties around the country?
Countless Americans rent properties for residential and business use and this is excellent news for landlords and property managers.
As a landlord, you have a great opportunity to run a successful and lucrative business. At the heart of your leasing efforts are your tenants.
Your tenants are such a vital part of the experience. Desirable tenants can make your landlord business more than enjoyable. Challenging tenants can be a nuisance.
This is why it is important to encourage lease renewals among attractive tenants. Continue to read to learn more.
Lease Renewals Save Time and Money
Before we highlight how best to encourage lease renewals, it is important to highlight why renewals are desirable. Beyond the opportunity to continue to work with good tenants who pay their rent on time and maintain your property well, lease renewals save time and money.
Searching for tenants is an expense. As a landlord, you have to market your property and interview candidates. Additionally, when you have a vacant space, you are losing profits.
Have A Mutual Understanding From the Beginning
One of the best ways to nurture a landlord-tenant relationship is to be clear about expectations from day one. As you welcome a new tenant, ensure he or she knows about all property rules.
A mutual understanding early on will help determine if you and the tenant are a good fit. If the tenant is comfortable with your regulations, he or she may be more likely to stay on your property.
As an example, some apartments do not allow pets. If you allow pets and the tenant is a dog owner, this can be very attractive in your tenant's eyes.
A key task as a landlord or property manager is to build rapport with your tenants. If you take the time to get to know your tenants and assist them, they will trust you more. Creating a sense of trust is essential for a long-lasting landlord-tenant relationship.
This is all about providing an excellent customer experience. If you treat your tenants well and demonstrate your care, they will be more likely to renew their lease.
Tenants have a variety of property options to select from. When you go the extra mile and offer an incentive, it can go a long way.
From providing a home essential package (paper towels, toilet paper, etc) to allowing your residents to bring guests to the pool, these gestures can stand out to your tenants.
Back to building rapport, showing that you care will make tenants want to renew their lease. One of the best ways to do this is by doing small things that matter.
Earn Lease Renewals Today with Renters Warehouse
Lease renewals are not a given, they have to be earned. The best way to secure renewals is by building a meaningful relationship with your tenants.
As a landlord, there are many challenges to overseeing a rental property. With an experienced property manager, reduce the inevitable stress that comes with the job and prioritize the things that matter the most.
To learn more about our property management services and how we can be of assistance, please contact us today.