How to Keep Great Tenants in Your Investment Property
About two-thirds of all renters renew their leases. How many of your tenants decided to stay last year? If you're not generating renewals, you're missing a chance to maximize your earning potential!
Read on for the tips you need to develop an effective leasing management strategy. With these techniques, you can boost retention and your ROI. Set yourself up for success in Clarksville, Tennessee's real estate market!
Find Great Tenants
Before using the rest of these tips, establish a tenant screening process. Neglecting to screen applicants can leave you with unreliable renters.
Not all tenant screening reports contain accurate or up-to-date information. Between 2019 and 2022, the CFPB received 26,700 complaints. About 65% of them were related to inaccurate reports.
For accurate information, outsource. A property management company can gather comprehensive reports that include:
- Credit scores
- Employment verification
- References
- Eviction histories
- Background checks
- Criminal background checks
This information will help you make informed decisions when selecting renters. You can choose great tenants you'll want to retain.
Utilize Property Management Software
Once renters move in, nurture a strong tenant-landlord relationship by communicating. Communicating with renters will show you care about their needs. If they can't reach you, they may decide to move out when their lease lapses.
Instead, use property management software to streamline communication. Respond quickly when tenants have questions.
If you're unable to respond, hire a property management company. They can engage with tenants on your behalf.
Consider using an online tenant portal to make your life (and the lives of your tenants) easier. From there, tenants can submit maintenance requests and automate rent payments. Using state-of-the-art technology will show renters you're up-to-date.
You can provide them with a better living experience. They may decide to stay if you stand apart from other landlords.
Offer a Rental Property Upgrade
Gain a competitive advantage by enhancing your rental properties. Offer tenants rental property upgrades, such as:
- Energy efficient windows
- New kitchen appliances
- Learning thermostats
- Keyless entry locks
- Smart home devices
Talk to your tenants. Ask what they're looking for in a rental. Meeting their needs could encourage more renewals.
If renters don't stay, these upgrades will help your investment property stand out. You'll have an easier time attracting new tenants.
Keep Up With Maintenance
Don't fall behind on property maintenance requests. If the property falls apart, tenants may decide to move out or sue.
Instead, outsource maintenance to a property management company. They'll respond quickly to tenant requests and maintain your property.
Hire a Property Manager
Hire a property management company to offer tenants better living experiences. Your Clarksville property manager can help with:
- Maintenance and inspections
- Rent collection
- Marketing
- Lease renewals
- Evictions
Choose a company that uses state-of-the-art technology. Their resources can improve efficiency, making lives easier for your tenants.
Invest in Leasing Management
A strong leasing management strategy can help you attract and retain great tenants. Use these proven tips to increase renewals. Otherwise, outsource this process to a property management company.
Our team at PMI uses state-of-the-art technology to support clients. Leverage our 20 years of industry experience and proven strategies.
We can maximize your earning potential. Contact us today to generate more lease renewals!
