According to data from Avail, 28% of renters negotiated the price on their most recent lease renewal. Renters want to stay. Without a leasing management strategy, however, you could miss the chance to improve your tenant retention rate.
Instead, you'll waste time and money trying to find great tenants. As your Troy, OH property sits vacant, you'll lose thousands each month in potential earnings.
Not sure how to develop a lease administration strategy? Read on to improve your rental churn rate today!
Screen to Find Great Tenants
Before using the rest of these tenant retention tips, develop a tenant screening process. Prioritize finding great renters you want to retain long-term. When screening applicants, check their:
- Credit scores
- Eviction histories
- Rental histories
- Criminal backgrounds
- References
You can outsource this process to an experienced property management company. Outsourcing will save you time and money while ensuring accuracy. You can find reliable tenants who won't cause future landlord stress.
Communicate to Reduce Rental Churn
Engage your tenants the moment they move in. Give them access to an online portal to streamline communications. From there, tenants can:
- Send maintenance requests
- Find FAQs
- Send inquiries
- Review leasing documents
When communicating with tenants, be timely and professional. Delays can frustrate your renters. Instead, show them that you're available to help.
Improve Tenant Satisfaction
Keeping tenants happy can lead to more lease renewals. They'll want to stay, knowing they can trust you as a reliable, helpful landlord. Take the time to understand what your renters really want.
Research the amenities they're interested in before they leave to find a rental that meets their expectations. Residents are looking for:
- High-speed internet
- Walk-in closets
- Soundproof walls
- Balconies or patios
- In-unit washers and dryers
- Parking
- Fitness centers
- Pools
- Secured communities
- Recycling
- Walkability
- Ease of payment
- Energy-efficient upgrades
These upgrades can help you find and retain renters.
Be Proactive With Tenant Retention
Let tenants know 90 days before their lease expires that they can renew. An early notice will encourage them to consider their options.
Don't rush to increase their rental rate. Instead, try to negotiate a deal that works for everyone. Fulfilling a request could be less expensive than turning over the unit.
Remain flexible by offering multiple leasing terms. Some tenants may prefer a monthly option, while others may want to stay for two years.
Address Maintenance Quickly
Complete maintenance requests as quickly as possible. You'll improve tenant satisfaction rates and avoid legal trouble. Otherwise, tenants may withhold rent if you're not providing a habitable living space.
Hire a Property Management Company
Instead of worrying about lease administration alone, hire a full-service property management company. A property manager can help tenants when you're unavailable. Their professionalism and quick responses can improve tenant satisfaction rates.
Apply their expert strategies for tenant retention. With their services, you can improve your occupancy rate and ROI.
Improve Your Leasing Management Today
Proper leasing management can lead to happier tenants, which can boost your tenant retention rate. Apply these strategies to watch your ROI rise. Remember, you can always ask for help.
PMI Oakridge Management is committed to adding value through effective communication, honesty, and integrity. You can trust our state-of-the-art technology, award-winning strategies, and expert team.
Ready to improve your tenant retention rate? Contact us now for a free rental analysis!
