Most rental agreements are for a one-year period. But every landlord wants a good tenant to renew that lease as many times as possible. Valuable tenants are worth the extra effort to make happy.
Retaining tenants isn't hard if you have the right lease renewal strategies. And you must be willing to do the work to get it done. The payoff of having reliable, steady rental income makes it all doable in the end.
Check out these ways you can work on retaining tenants in your rental properties.
Keep Up with Property Maintenance
One of the most important things for tenant retention is maintenance. Nobody wants to live in a place that's falling apart. Especially when you're paying someone else to stay there.
The nicer you can keep the property, the more likely your tenants are to want to stay.
Regular inspections are a great way to keep up with these tasks. Being in the property gives you a chance to get a couple of things done and see what needs to be done in the future.
Open Communication Between Parties
While a tenant and landlord aren't going to see each other often, it's important to have open communication. This way everyone is always on the same page.
Be sure to have an easy way for tenants to get in touch. And then be as responsive as possible. Listen to their feedback and do what you can to be accommodating. These small touches can make a big difference in getting more lease renewals.
Be Open to Term Negotiations
When it comes time for renewing leases, be open to negotiations. It's likely that your tenant is going to ask for something to change in their contract. Don't automatically say no without giving the change some thought.
That negative reaction will shut down your tenants and make them less likely to sign. The best thing you can do is work to find a compromise that works for everyone.
Remember that you want them to be happy, just like you are with the contract.
Create an Easy Experience
Tenant retention comes down to what their experience was like renting from you. So the best thing you can do is focus on making their experience as easy as possible.
That means finding a way to simplify paying rent or reporting maintenance issues. Those kinds of small gestures will mean a lot to your renters, making them want to stay longer!
Lease Renewal Strategies to Keep Valuable Tenants
Following these lease renewal strategies will make being a landlord much easier. Instead of stressing every year about trying to find and process new applicants, you can keep a good thing going with your current tenants.
Hiring a property management team can make this process much easier as well.
At PMI First SA Properties, we know how important good tenants can be. We have a proven tenant screening process to find great renters. And our practices help to keep them there as well. Schedule a free rental analysis to see how we can help your property in San Antonio!
