Renters aren't moving as much as they used to, which is great news for landlords. However, even a handful of move-outs can cost you thousands of dollars and lead to long-term vacancies.
Securing lease renewals is one of the most important things you can do for your real estate income. The question is, how can you get more of your tenants to agree to stay for another year?
As one of the top College Station property management companies, we have solutions that work and we're here to share them with you.
Read on to learn how to get tenants to renew their leases.
Get Active
If you're waiting for tenants to come to you about renewing their lease, you're going to lose tenants. Tenants may assume that you're not offering them the opportunity to renew. Without a lease renewal request in their inbox, they may start to entertain the idea of looking elsewhere.
As you approach the end of a lease, start asking tenants about renewing. Set a deadline so that if they don't renew in advance, you can start marketing the unit ASAP.
Provide Incentives
If you have high tenant turnover, it's time to find ways to sweeten the deal. This can include things like a one-year guarantee of rent stabilization. It can also include upgrades like new carpeting or new kitchen appliances.
You can also create incentives throughout the year by making improvements that benefit all of your tenants. For example, you can switch energy providers to reduce utility costs or cultivate common areas like gyms, courtyards, or office spaces. The most surefire way to keep tenants is by managing a property they love.
Build Better Relationships
One of the most common reasons that tenants move has to do with unaddressed maintenance issues. If it takes a week for you to get around to a leaking pipe or a clogged toilet, tenants will grow frustrated. If your properties are falling into disarray and you're not making an effort to fix them, tenants will leave.
The same goes for things like noise complaints and even rent payments. If it's difficult to get in touch with you, you're not building relationships that your tenants will appreciate or want to continue. Working with a property management company can ensure that tenant complaints are addressed quickly and that everything from paying rent to reporting maintenance problems is streamlined.
Need Help Increasing Lease Renewals in College Station?
If you have a high tenant turnover rate, it's time to come up with a better lease renewal strategy. Getting tenants to stick around for another leasing term comes down to keeping them happy, which means staying active in your property maintenance and tenant communication.
Do you need help managing your residential real estate portfolio in College Station, TX? Blue Ribbon Property Management is here to help. Contact us today to learn more about our property management services and how we can turn your investment into passive income.
