Nearly 66% of North Carolina residents own homes, which means one in three people rent. These are the people that come to you looking for places to rent.
Of course, you want new tenants when you have occupancies. But you'll save money if you can retain the tenants you have.
Retaining your tenants requires convincing them to sign lease renewals. When they sign one, they agree to stay another year. This helps you save money, time, and stress!
Continue reading to discover the best strategies to convince your tenants to sign that renewal.
Don't Wait Too Long
There is a common mistake landlords make relating to lease renewals. They wait too long to encourage tenants to renew them.
Landlords might repair everything for a tenant the month before the lease ends. However, they might ignore the repair issues for the 11 months prior.
Instead of waiting, start now. Make a positive impact right away. Tenants will remember this and might be more inclined to stay in the unit.
Provide Excellent Services
One of the top things tenants want is a landlord who cares. They want a landlord who takes problems seriously and addresses them quickly. Providing attentive services is the solution.
You can break this down into several categories:
- Listen to tenant concerns and issues
- Address their issues
- Keep them informed
Listening to what your tenants say shows you care and makes them feel valued. Acting upon their requests by completing the work needed is also crucial.
Additionally, informing your tenants about upcoming services and inspections demonstrates thoughtfulness. Tenants value a landlord who provides excellent services like these examples.
Keep Up With Repairs and Maintenance
Addressing repairs quickly is important, but keeping up with them goes further. Keeping up with repairs and rental property maintenance keeps the units in top-notch shape.
This might encourage your tenants to renew their leases.
If you need help with this, hire a full-service property management company. These companies are experts in property management services and will do a great job for you.
Offer What Tenants Want
Finally, encourage your tenants to renew their leases by offering what they want.
For example, allow pets. There are pros and cons to allowing pets, but it can help you keep your tenants.
If tenants live in a unit that allows pets, they might be less likely to move.
Another feature tenants like is electronic payment options. Offer a tenant portal for this purpose. They can use it to pay their rent, renew their lease, and order repairs.
You can also list your rental property rules on the portal. Additionally, use it to notify your tenants about upcoming events.
Need Help With Increasing Lease Renewals?
Lease renewals are a vital part of your business. They help you save money and avoid extra work.
Our property management team at PMI Triangle can help. We currently manage more than 20,000 properties and operate out of Raleigh, NC. One of our top focuses is helping rental property owners maximize their profits.
Click here to learn more about our services and ways we can help you increase your tenant retention.
