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Every experienced landlord knows how valuable their good tenants are. Lease renewals are far better than sudden vacancies. You don't have to waste money on marketing and you don't lose any months of rent.
But how can you keep your best tenants from leaving your property? We're here to offer you some advice. Keep reading to learn all about how to retain your favorite tenants.
Keep Up With Maintenance
If you want more rental property renewals, you need to make sure that you're keeping your property in tip-top condition. Consider whether or not you'd want to live there if you were a tenant. If not, what do you need to change?
A well-maintained property is a property that will make tenants happy. If you keep common areas clean, keep your driveway safe and free of cracks, and make sure that you respond to tenant maintenance requests as soon as they come up, you'll keep your best tenants satisfied.
Bonus: Keeping up with maintenance will also save you money.
Communicate With Tenants
Tenants who are able to communicate with their landlords are more likely to stick around. They want to know that you're listening to them and that you're not just a faceless entity.
Make sure that there's an open line of communication between yourself and your tenants. Encourage them to come to you with problems and suggestions.
Send out occasional polls and surveys for your tenants that ask for their opinions on the property. Also, consider sending out holiday messages (for a variety of holidays so you don't exclude anyone).
Offer Incentives
Sometimes maintaining tenants is as easy as offering incentives for them to stay.
If you're renewing a lease, consider (if you must raise rent) keeping prices lower than they would be for new units. Tenants want to save money if they can. You could also negotiate on prices for parking spaces or pet rent if you're intent on keeping a tenant.
You can also offer incentives for tenants who bring in new tenants. This way, you're getting even more good tenants.
Consider Amenities and Upgrades
Once you make a decent amount of money from your rental property, consider putting some of it back so you can upgrade your property or offer nice amenities.
Tenants love living in modern spaces. They want updated appliances and flooring, and they want good outdoor and common spaces. If you want to keep tenants around, make your property the best that it can be.
Hire a Property Management Team
Keeping tenants is tough. If you want to avoid frustrating rental property turnovers, consider hiring property managers to help you out.
Professional property managers know all about how to keep tenants happy. They can also help you find great tenants in the first place. They can manage communication and negotiation so you don't have to.
Get More Lease Renewals This Year
Getting lease renewals is all about keeping tenants happy and satisfied. If you're struggling with tenant renewals in Dallas, try these tips.
Are you looking for help? At HomeRiver Group, our experienced team of property managers wants to help you maintain a thriving rental property. Contact us so we can start working together today.
