It can be challenging to retain good tenants. That's especially true if you rent in a competitive market. However, there are some steps that you can take to ensure lease renewals are in your future.
In this article, we'll share some of the best tips we found on the internet to help you increase your lease renewals for the type of tenants you want.
Keep reading to discover the five tips to increased lease renewals.
1. Inform Tenants of the Rules and Regulations
It's essential to be upfront with new tenants. Part of the process is clearly defining the rules and regulations of being a tenant on the property. That will help avoid confusion and help your tenants understand what is expected.
Typically, you'll want to add rules and regulations to be a tenant in your lease agreement. It will decrease ambiguity and inform your tenant what's expected before they move in. If you need to add an addendum, make sure to hand it along with the move-in packet and have the tenant sign and date it.
2. Address Complaints Quickly
At some point, your rental property may have some issues. You must handle these problems quickly. Then, the action you take will be remembered when it's time for lease renewal. Whether it's a noisy neighbor or a malfunctioning appliance, how you handle these issues says a lot about the type of landlord you are to your tenants.
Make sure to add in contact times and days for non-emergencies in your lease so they know how and when to reach you.
3. Maintain the Property
Many people rent because they have no patience to take care of the property on their own. For that reason, it's essential that you properly maintain the property. Whether that's hiring a crew for lawncare each week or you do it for yourself, don't let it wait.
Another factor is snow removal during the winter. As tenants will depend on your expediency for these matters, it will play a role in your lease renewal.
4. Offer a Grace Period for Rent
As a landlord, having a grace period for paying rent offers flexibility. Tenants will appreciate that, and it can lead to lease renewals. Clearly state the grace period in your lease agreement and explain when they'll have to pay rent before a late fee.
At the same time, you want to clarify that while you're flexible, it doesn't mean you're willing to go past the grace period without a late fee. So be sure to include that any days after the grace period will incur a late fee.
5. Hire a Property Management Company
Hiring a property management company to handle all tenant issues and objections will save you a lot of time and energy. In addition, they have experience working with tenants and providing a service that helps you properly screen tenants that are most likely to renew their lease.
Not only that, they have built-in services to help tenants and landlords get the best experience.
Make Issues With Lease Renewals a Thing of the Past
Make your issues with lease renewals a thing of the past. Instead, hire a property management company to help you care for your listings and your tenants.
If you're looking for property management services in Philadelphia, please contact Home River Group.
