Imagine a renter who took care of your property, always paid on time, and never put up a fuss. Keeping that tenant long-term means you can generate income long-term. If they move out, you may not find a reliable renter to replace them.
You'll also need to spend valuable time and money marketing the unit and screening new tenants.
Instead, use these leasing management tips to retain your favorite tenants. Reduce your tenant turnover today!
Complete Rental Property Maintenance
Your Miami, FL tenants can withhold their rent if you fail to take care of important repairs. Address rental property maintenance requests as quickly as possible. Completing these projects quickly will show tenants you care about their living experience.
Make it easy for tenants to send their requests. For example, you can use an online tenant portal to streamline communications.
Be proactive with maintenance projects. Consider performing routine property inspections to show tenants you want to maintain the unit.
You can also offer incentives to encourage them to renew their lease. For example, after renewing, you can offer to deep clean the unit or steam the carpets.
Completing ongoing maintenance requests will make the unit a better place to live. It can also help you avoid more expensive renovation projects.
If you're struggling to complete these requests in a timely manner, consider hiring a property management company.
Improve Tenant Communication
Communicate with your tenants to show them you care about their needs and concerns. Make sure it's easy for tenants to contact you with questions. If they struggle to reach you, they could grow frustrated.
Neglecting tenant communication can hurt your tenant-landlord relationship. It can also lead to misunderstandings. Your property manager can handle these inquiries.
Talk to your tenants and gather their feedback. For example, they may want:
- High-speed internet
- Upgraded appliances
- Open floor plans
- A beautiful outdoor space
Understanding their needs will allow you to meet market demand. Consider energy-efficient upgrades. Tenants could lose $200 to $400 due to drafts, air leaks, and outdated HVAC systems.
If the tenants decide to leave, these upgrades could help you attract new tenants. They could also encourage future renters to stay longer.
Address Lease Renewal Early
Be proactive and reach out to discuss lease renewal months before the tenant's lease lapses. Give them time to consider their options.
Giving them a 90-day notice will give tenants time to negotiate a deal that works in everyone's favor. If they decide to leave, it will give you time to market the listing and find new tenants.
Consider encouraging a two-year lease. You can retain tenants longer and avoid vacancies.
Boost Leasing Management Today
Effective leasing management can help you retain tenants, reducing long vacancies. You can continue generating income and keep your favorite tenants happy. Start applying these lease renewal strategies today.
You don't have to do it all alone. Working with a property management company can save you valuable time and effort.
PMI Biscayne Bay has over 15 years of property management experience. We're here to help you succeed as a property owner and investor. Contact us today to discover how services can benefit your lease renewal efforts!
