Picture a tenant who pays rent on time, keeps the unit clean, and never causes issues. Without a leasing management strategy, they could leave! Their replacement could damage your property, sublet a room, or upset the neighbors.
Before that happens, use these tips to encourage your best tenants to renew their leases. With these tips, you can keep generating income from reliable tenants.
Get your first lease renewal today!
Complete Rental Property Maintenance
In Indiana, a landlord must comply with housing and health codes. You must provide the rental property in compliance with the rental agreement. It should be habitable, safe, and clean for renters.
If a landlord doesn't fix a problem with the unit in a reasonable amount of time, tenants can sue. To keep your current tenants happy, complete all rental property repairs in a timely manner.
First, make it easy for tenants to send their maintenance requests. You can use an online portal to stay organized.
Start researching local contractors and vendors before maintenance requests roll in. Gather competitive bids to find the best prices.
If you're struggling to keep up with rental property maintenance, hire a property manager. An experienced property manager will have connections in Indianapolis. They'll hire the best contractors at the best prices on your behalf.
To encourage a lease renewal, offer to make upgrades to the property. For example, you can:
- Start a rooftop garden
- Add new appliances
- Upgrade windows and doors
- Repaint the walls
Routine rental property maintenance and repairs will allow you to protect your investment. It will also show renters you care about their living experience.
Improve Tenant Communication
About 63% of tenants have an excellent or good relationship with their landlord. Can you renters say the same? If not, try improving your relationships with tenants.
Start by prioritizing customer service. Respond to inquiries or concerns as quickly as possible. The longer tenants wait for a response, the more frustrated they'll get.
Ask your tenants for feedback and start making changes based on their suggestions. When they realize you're willing to listen, they could decide to renew their lease. Your property management company can communicate with tenants on your behalf.
Offer Tenant Incentives
Use incentives and rewards to encourage your best tenants to stay. They'll see that you recognize their good behavior and loyalty. Incentives can include:
- Upgrades
- Discounts
- Gift cards
Incentivize your tenants to recommend your property to their friends and family members. Reward them for the referrals they bring in. This strategy can help you retain tenants and reduce vacancy rates.
Improve Your Leasing Management Strategy
Don't wait too long to implement your leasing management strategy. Otherwise, you could lose great tenants. Start using these tips to keep the best tenants for years to come!
You don't have to apply these lease renewal tips alone, though. Working with a property management company can save you time and limit vacancies.
PMI Meridian Management is a full-service real estate asset management company. We have over 20 years of experience helping landlords like you. Contact us today to discover how we can help you succeed as a property investor!
