About one in four renters are successfully negotiating lower rent prices when it's time to renew their leases. Renters want to stay. If you're not willing to compromise, however, you could lose tenants.
Your vacancy rate will rise, causing your rental income to decline. Before that happens, develop a leasing management strategy. Read on to learn how to keep great tenants in your Topeka, KS rental property today.
Find Great Tenants
Before choosing tenants, develop a tenant screening process. Screening applicants will help you find great tenants from the start. You can avoid individuals who may pay late, frustrate neighbors, or ignore your rules.
Instead, you can find reliable, trustworthy tenants you want to retain. Retaining these renters long-term will boost your occupancy rate and ROI. You'll avoid landlord stress and have more time on your hands.
Consider outsourcing this process to a property management company. Rely on their professional tools and resources.
Automated tenant screening reports don't always show accurate information. The do-it-yourself option will only produce a thumbs-up or thumbs-down recommendation. It won't give you the full picture.
Outsourcing will produce comprehensive reports that include:
- Credit scores
- Criminal background checks
- Employment verification
- References
- Eviction histories
You can use this data to find and select great tenants. Before they move in, set clear rental criteria. Allow a property manager to enforce your rules to avoid disputes.
Communicate With Renters
Encourage ongoing communication with tenants the moment they move in. Use an online tenant portal to communicate with multiple renters.
Try to respond to tenant inquiries as soon as possible. Delays may lead to annoyed and neglected tenants. They may decide to move out when it's time to consider renewing.
Fostering strong tenant-landlord relations can improve tenant satisfaction rates. They'll choose to stay knowing they can depend on you.
Enhance Your Investment Property
Invest in routine inspections and preventive maintenance to keep your investment property in good condition. If it's crumbling around them, tenants will move out.
Talk to your tenants. Ask how you can improve the property to meet their needs. Upgrade the property with:
- Smart technology
- Energy-efficient windows
- New floors
- Fresh paint
Small upgrades can improve the property value. Tenant satisfaction will improve, increasing retention.
Offer Incentives
Use feedback from your tenants to offer incentives and perks. For example, you can offer a competitive rental rate instead of increasing the rent.
Consider offering new amenities or services to meet each tenant's needs. You can create a tenant loyalty or referral program to retain renters and attract new ones.
Hire a Property Management Company
Instead of applying these strategies alone, hire a property management company. Their services can streamline operations. You can cut expenses, retain tenants, and boost your earning potential.
Choose a full-service property management company with years of local experience. Leverage their expertise to become a more successful landlord.
Rely on Professional Leasing Management
Developing a leasing management strategy will help you retain great tenants. You can boost your occupancy rate and profitability. Apply these effective strategies today.
You don't have to do it alone. PMI Advisory Group is part of the fastest-growing property management company in the US.
We use proven strategies and state-of-the-art technology to maximize owner profitability. Contact us today for leasing management services.
