Retaining good tenants should be a mission for every property owner who rents. The hassle of filling vacancies is both time-consuming and costly. Research shows that the average landlord spends over 40 hours and $1,000 trying to find and onboard new tenants. The ideal situation would be to have a trusted tenant renew their lease and extend their stay at the property at least another year. But how can landlords be more efficient in retaining current tenants? Trademark Property Management Property Management Group offers a few responses to the lingering lease renewal question.
Instill Pride in Your Property
One way to better ensure that your tenants will renew their lease is by keeping your property in stellar condition – both on the interior and exterior. Planting decorative flowers and shrubs will not only increase the value of your property, it will go a long way in increasing the pride your tenant has in where he or she lives, making them that much more likely to renew. Consider it a win-win.
Establish Trust and Credibility
As a landlord, one of the best approaches to establishing trust and credibility is to simply take care of any complaints and repairs in a prompt fashion. This means keeping the lines of communication open – i.e. return phone calls and respond to emails in a timely fashion. You also would be wise to develop a preventative maintenance plan so that any inconveniences or problems they face are few and far between.
Provide Incentives for Renewing Their Lease
If you’re happy with the tenant and the tenant is happy with you, why not offer a financial incentive to renew? It doesn’t have to be much – possibly you just don’t increase the rent for a year if they resign their lease. In the long-run, this will save you time — 40-plus hours – and money — $1,000 – that it typically takes to find a new tenant. Applying this kind of break will also instill more of an allegiance to you and their property.
The Trademark Recipe
Trademark Property Management Group incorporates all of the above and so much more into their full menu of property management services. Trademark provides after-hours emergency services for all of its clients. Contact Trademark Property Management Group and join a winning Northern Colorado property management team.