Imagine your favorite tenants (the kind, understanding ones who always pay rent on time) deciding to stay for another year. You won't have to worry about the stress of updating your marketing strategy or long vacancies. Instead, you can sit back, relax, and watch the revenue roll in.
Here are a few tips you can use to boost lease renewals in Melville, NY. Save time and money by increasing your occupancy rate today!
Ensure Proper Communication
Your current tenants could get frustrated if they struggle to reach you with maintenance requests or concerns. Start prioritizing proper communication the moment tenants move in. Communication will help you foster stronger landlord-tenant relationships.
Tenants will begin to realize you care about their needs and living experiences. If they struggle to reach you, they could get annoyed enough that they won't renew their lease. They'll look for a more caring landlord instead.
To ensure proper communication, consider using an online portal. An online portal will help you remain organized and efficient.
When speaking with tenants, try to remain calm and courteous. Average tenant satisfaction scores drop from +51 to +24 within six months of tenants moving in. They continue to decline due to poor communication.
An effective platform can help you avoid:
- Distrust
- Poor tenant retention
- Unnecessary costs
- Loss of confidence
- Breakdown of relationships
- Angry tenants
- Frustration
- Badly maintained properties
- Missed compliance checks
- Increased tenant churn
Work with a property management company. They can handle communications on your behalf. Their prompt responses can boost tenant satisfaction rates.
Upgrade the Property
Neglecting property maintenance can affect your tenant's living experience. Try to respond to maintenance requests right away. If you delay, your tenants may decide to take legal action.
To incentivize tenants to stay, consider offering a property upgrade. Upgrades can make the property a more desirable place to live.
Talk to your tenants about the upgrades they want. For example, you can offer energy-efficient appliances, new fixtures, or smart home technology.
You can also incentivize renters by offering flexible lease terms or a decreased rental rate. If you offer new renters a free month's rent, offer the same to tenants renewing their leases.
Consider adding a referral program to your marketing strategy. Your current tenants can help you attract new renters. Don't forget to screen applicants to find tenants you'll want to retain later.
Offer an incentive in exchange for referrals. For example, you can offer gift cards to local businesses or restaurants.
Use Leasing Technology
Try virtualizing and automating the leasing process. You can use customized or templated renewal agreements for ease and convenience.
Using leasing technology can increase tenant retention and reduce errors. It also ensures flawless execution based on lease dates.
Increase Melville Lease Renewals
Increasing lease renewals will help you retain your best tenants. You can avoid the costs associated with long-term vacancies or marketing your listings. Use these tips to start retaining tenants today.
You don't have to apply these strategies alone. Working with a property management company can save you time and money.
PMI Lighthouse has nearly 20 years of experience helping landlords like you. Contact us today to schedule your consultation!
