Picture happy renters who follow the rules, pay on time and even help you find new tenants. The perfect tenants do exist. With a strategy in place, you can even encourage them to stay for years.
Increasing lease renewals will allow you to generate income with ease. Without long-term vacancies, you won't have to waste money on ineffective marketing!
Read on to discover how to retain renters in Denton, TX today!
Create Rental Property Rules
Inform tenants of your expectations the moment they sign their lease. Drafting rules will help everyone avoid miscommunication and conflict.
As a landlord, it's your responsibility to provide tenants with documents outlining your rental property rules. Include any addendums in the tenant's move-in packet. Before they move in, have them sign and date these documents.
Your rules may cover:
- What's considered excessive noise
- Subletting rules
- Quiet hours
- Issues with tenants
- Emergency phone numbers
- Emergency procedures
Let tenants know the consequences of breaking their rules.
Offer a Rental Property Upgrade
Consider incentivizing tenants to encourage lease renewals. Your incentives can include:
- Fresh paint
- Kitchen appliances
- Energy-efficient upgrades
- Bathroom upgrades
- New flooring
- Communal spaces
We lose $200 to $400 due to outdated heating and cooling systems, drafts, and air leaks. Energy-efficient windows and doors can help your tenants save money, which could encourage them to stay.
A rental property upgrade can also enhance the property's value. You could make more money from tenants in the future.
Complete Rental Property Maintenance
Your tenants may decide to take legal action if you neglect to make repairs that fail to protect their health, safety, or security. Prioritize rental property maintenance and complete it promptly.
If tenants love the property they live in, they'll be more likely to stay longer. If items break or malfunction, tenants could get frustrated. They may also feel that they can't rely on you.
Completing property maintenance keeps the property in good shape. Improve the property's aesthetic appeal to attract tenants in the future.
Improve Tenant Communication
Show tenants you want them to stay by improving landlord-tenant communications.
Modernize your systems to make it easier for tenants to communicate with you. Using technology can streamline your rental processes.
Gather feedback and listen to everyone's concerns. Use their feedback to make changes that improve their quality of life.
Communicating with tenants will help them feel appreciated. Otherwise, they could feel ignored.
Give tenants a 90-day notice when their lease is about to end. Beginning this process early will give you time to advertise and find new tenants.
Increase Lease Renewals in Denton
Don't delay creating your lease renewal strategy. Foster strong tenant communication early to show tenants you care. With these tips, you can increase lease renewals to avoid the stress of vacancies.
You don't have to apply these strategies alone. PMI United is a full-service real estate asset management company. Our professional property management services can help you retain renters long-term.
We make property management manageable! Contact us today to discover how we can help you increase lease renewals.