Finding a news story about a bad tenant is easy -- and it's every landlord's worst nightmare.
But for every horror story, there is the opposite end of the spectrum: the model tenant who pays on time and cares for your property. It's the tenant who gives you that much-needed peace of mind that your investment is in safe hands.
They are the ones you want to stick with -- for obvious reasons. So here are the lease renewal strategies to ensure they stay with you long-term.
Focus on Your Relationship With Tenants
Good communication between you and your tenant is the foundation for any strong relationship. So, it's a must-have for increasing the odds of a lease renewal.
Bring up the topic of leases well before the deadline -- ideally at least three months or more. That allows you both time to talk through any concerns or questions. It shows you are open to listening to what your tenant says, helping build trust.
Provide More Attractive Lease Terms
If you have a dependable tenant that you want to keep, speak to them about whether they are happy with their lease terms. If they aren't, offer some suggestions to help tenant retention.
For example, you could provide more flexibility, like a shorter lease length or notice period. Perhaps you could introduce a pet policy if that's something that may interest them.
Making your lease more appealing than other rental properties increases the odds the tenant will stay with you.
Provide Incentives
Another way of making your lease more attractive is to offer property upgrades. Ask the tenant what they would most like to change. A fresh bathroom or new flooring can make a big difference.
Upgrades, while requiring extra spending, will also add value to your property, so they are worth considering. If your property is already in excellent condition, consider upgrading appliances, like installing smart lighting.
Prioritize Maintenance and Repairs
The most frustrating thing for a tenant is a poorly maintained home.
That frustration magnifies if they have to chase the landlord for a repair. Always focus on proactive maintenance and prompt repairs to keep a tenant. That includes the small things as well as the significant issues, as it can sometimes be small, unaddressed niggles that eventually motivate a tenant to move house.
Ensure you update the tenant about when they can expect a repair and offer them convenient times when a contractor visits the property.
Add a Personal Touch
A little personal touch can go a long way to cementing a tenant and landlord relationship. Remember personal details when you speak to tenants, such as family and pet names.
Send handwritten holiday cards to them. These small gestures can make a tenant feel more important and heard.
Tried-and-Tested Lease Renewal Strategies
A reliable tenant is worth hanging on to, so it's worth taking your time to make their lease renewal more appealing. Incentives, flexibility, and relationship-building can make all the difference with your lease renewal strategies.
PMI First Choice has experienced property managers who can look after your tenants and help you negotiate a lease renewal. Find out more about our services here.
