As a single-family rental homeowner in Macon, your preferred tenant is one who plans to stay for many years. Frequent vacancies can disrupt your cash flows and even result in losing money on a property. Apart from choosing the right tenant, there are as well lots of details that you can – and should – do to encourage your tenant to stay longer. Utilizing these ways, you may find it as easy as ever to keep your rental income steady month after month, year after year.
One of the prime measures to improve tenant retention is to know for sure that you have good communication with them. This involves communicating about their intentions to renew or not. It’s significant to start addressing the issue of lease renewal well before it expires. In many states, landlords are required to give at least 30 days’ notice. However, it’s an even better idea to start the renewal process even earlier than that. Few tenants enjoy feeling pressured, tricked, or being forced to decide on a lease renewal with less than a month to sort things out. If you plan to wait until their lease renewal is right up against the deadline, you may fail to keep a tenant who may have otherwise remained in the home.
Besides good communication, some of the most effective lease renewal strategies offer tenants an incentive for staying on. This incentive could be one among various different things. As an illustration, perhaps your tenant is having second thoughts renewing for a full year. Consider offering them more flexible terms, such as a 6-month lease, or give them a discount for signing a longer-term lease, often 24 months or more. Another idea is to offer your tenant a renewal at their current rate. This may be primarily enticing if rental rates have gone up a lot in your local market. Even while this may not always be feasible for you, it’s something to keep in your lease renewal toolbox. A tenant who feels like they have options are more likely to decide to stay where they are.
Another way to incentivize your lease renewal is to offer to make improvements on the property. This actually works fairly well if your maintenance plan includes scheduled upgrades you were deciding to do anyway. Make sure your tenant knows well which aspects of the property will be updated to give them an added incentive to stay. For yet a better proactive approach, start making small improvements to the property a few months before the lease is due to expire. By means of actively maintaining the property while the tenant is dwelling there, you are giving a very undeniable message that you’re taking care of not only the interests of your rental home but also their pleasure and satisfaction.
On a final note, if in case you are still chasing down your lease renewals in person, consider switching to a more efficient digital approach. Many tenants fancy being able to do just about everything online and lease renewals are no different. Give your tenant access to the renewal documents well ahead of the renewal deadline. Then just visit them to inquire if they have any doubts or troubles.
By simply giving your tenants the capability to complete lease renewal documents online, you greatly increase your chances of renewal. Likewise, taking your business online will allow you to keep better track of your renewal rates and other important data. With comprehensive details and information in hand, you can more properly choose the lease renewal strategy that will work right for your circumstance and tenants.
Consistency in your lease renewals may take some time and effort, but it’s definitely rewarding. By knowing a few effective lease renewal strategies and approaching your tenants will flexibility and planning, you can greatly improve your chances of keeping that great tenant in your rental home.
Do you love the income of a rental property but struggle with keeping up on all the tasks involved, like renewal? Contact Real Property Management Vesta to speak with a Macon property manager and see what we can do for you! You can call us at 478-257-7055 or contact us online.
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