Would you like to start investing in rental properties? If so, you need to know how to get more lease renewals.
Getting a tenant to sign a lease agreement can be a lengthy process, especially if you want them to renew it later. However, it is an effective way to keep earning money from a property, and it prevents you from going through the tenant screening process.
Managing your property doesn't have to be difficult, so PMI SoJay Property Management will help you learn how to retain tenants in this guide.
Get tenants to renew their leases with these strategies!
One of the best ways to get a tenant to renew their lease is to be a respectable landlord. This will make building strong tenant relations easier, and it can easily be done in several ways.
A simple way to be respectable is to communicate with tenants whenever you need to do something. For example, if you need to inspect something at the property, you should inform them beforehand.
You can also be flexible regarding lease terms and rent collection. Giving tenants more freedom will make them happier and more likely to renew their lease.
Another great way to get more lease renewals is to offer incentives, which can be done in several ways.
The best incentive to offer will depend on the types of properties and tenants you have. Some tenants would enjoy free unit upgrades, whereas others may prefer to get their security deposits back.
Consider talking to your tenants about the things that they want to see improve. If they are content with the property, ask them if there's something else that they would want. Having an open line of communication will make lowering your property's vacancy rate much easier.
Hire a Property Manager
The last thing you can do is hire a property manager, who can use a variety of strategies to improve your property and tenant relations.
Some of the main services property managers provide are property maintenance, rent collection, tenant screening, and inspections. They can also handle tenant requests and will communicate with them for a landlord.
Hiring a property manager will help you get more lease renewals because they can ensure your property stays in good shape. Whenever a tenant has a problem with something, they will come up with a solution that not only makes the tenant happy but also improves your property.
Get More Lease Renewals With This Advice
Now that you know how to get more lease renewals, it's time to start thinking about how you can become a better landlord. By building great relationships with your tenants through solid communication and being proactive, lowering your property's vacancy rate will not be an issue.
Keep in mind that hiring a property manager is an effective way to get more lease renewals without having to do much work. Because of this, you should start working with PMI SoJay Property Management.
To learn all about our property management services, get in touch with us today. We can help you grow your portfolio in no time!