How many of your Orange Beach, Alabama tenants renewed their leases last year? According to CNBC, one in four renters are successfully negotiating lower prices when renewing their leases. However, only 28% realized negotiating was even an option.
Neglecting to leverage tenant retention strategies could cause your vacancy rate to rise. Before that happens, use these effective tips to increase lease renewals.
Generating more lease renewals can boost your occupancy rate and ROI. Ensure your success in today's competitive real estate market with this property management advice.
Establish a Tenant Screening Process
Before learning how to increase tenant renewals, make sure you're choosing renters you can trust. Online lending marketplace LendingTree discovered that over eight million American adults aren't caught up on rent payments. Avoid these renters by developing a tenant screening process.
A detailed tenant screening report should include:
- Credit reports
- Employment records
- References
- Eviction histories
- Rental histories
- Criminal background checks
Otherwise, you could choose renters who pay late, upset neighbors, or cause property damage. You may have to evict these troublesome renters, which can get costly.
Outsource this task to a property management company. They can gather accurate reports to ensure you find reliable renters worth retaining. Retaining these renters can help you avoid future stress and the cost of long-term vacancies.
Increase Tenant Satisfaction
Keeping your renters happy will lead to higher satisfaction rates. Renters may decide to stay, knowing they can trust you as their landlord. To improve tenant satisfaction rates:
- Be proactive
- Empathize with your renters
- Understand landlord-tenant laws
- Complete maintenance requests quickly
- Be prompt and professional
- Be friendly and helpful
- Protect your tenants
Use an online tenant portal to communicate with tenants efficiently. If there's a delay, they may grow frustrated. Renters may decide not to renew their leases if you fail to respond to their needs.
Partner with a property management company that can respond to tenant inquiries on your behalf. Their swift, professional responses will show renters you care about their living experiences.
Offer Incentives
Offer renters incentives to increase tenant renewals. Retain tenants longer by offering:
- Kitchen upgrades
- Cleaning services
- Energy-efficient upgrades
- Smart home technology
- Better security
- Rent discounts
- Better parking options
- Gift cards to stores/restaurants
Ask for Property Management Advice
Instead of applying these lease renewal tips alone, partner with a property management company. A full-service company can streamline processes to increase tenant satisfaction rates. Their services may include:
- Rent collection
- Maintenance and inspections
- Tenant screening
- Evictions
Relying on their services will help you operate more efficiently. Tenants will have someone they can rely on around the clock. You can improve their living experiences to increase tenant renewals.
Generate More Lease Renewals in Orange Beach
Increasing lease renewals doesn't have to feel like a daunting task. Instead, outsource it to a property management company. With help, you can increase tenant renewals and your occupancy rate for a higher ROI.
Our team at PMI Integrity Properties can help you unlock the secrets of effective property management. We're committed to adding value through accuracy, honesty, and communication.
Rely on our state-of-the-art technology, award-winning strategies, and effective processes. Contact us now for a free rental analysis.
