According to Avail, the success rate for negotiating cheaper rent before renewing leases has increased from 17% to 25%. However, only 28% of renters surveyed said they negotiated at all. Are you giving your renters the chance to renew their leases?
Retaining renters is cheaper than the cost of marketing and tenant screening. You also won't have to worry about losing income due to a vacancy.
Not sure how to start keeping quality tenants? Read on for our top tenant retention strategies!
Apply Investment Property Tips
To retain long-term tenants, invest in their living experiences. Consider upgrading your rental property to meet and exceed their needs. Effective upgrades that increase property values include:
- Improving the curb appeal
- Adding spaces for socializing
- Sprucing up outdoor spaces
- Smart home technology
- Updated cabinets and countertops
- Updated appliances
- Energy-efficient upgrades
- Upgraded lighting
- Fresh paint
- New floors
Gather feedback from your current renters to better understand their needs. Otherwise, they'll look at other properties in Duluth.
Consult a property management company to keep up with local market trends. Leverage their expertise to gain a competitive advantage in the Duluth rental market.
Develop a Tenant Screening Process
If you want to retain great tenants, make sure you're selecting great renters. Develop a tenant screening process. Comprehensive reports should include:
- Criminal background checks
- Credit scores
- Rental histories
- Eviction histories
- Employment verification
- Employment verification
You can outsource this task to a full-service property management company. They'll ensure you find reliable renters worth retaining. Otherwise, you may select renters who pay late or have a history of causing property damage.
Communicate
Improve tenant relations by communicating with renters the moment they move in. If they struggle to reach you, they could grow frustrated. Instead, show renters you care about their needs.
Consolidate communications instead of using multiple channels to stay organized. You can use an online portal to respond to tenant inquiries. From there, renters can also:
- Pay rent
- Review lease documents
- Send maintenance requests
- Complete lease renewal documents
Keep renters engaged by hosting events, sending birthday cards, or offering complimentary services. They'll appreciate you, potentially leading to more renewals.
Prioritize Maintenance
Don't let your rental property fall apart. Instead, schedule regular inspections and complete maintenance tasks quickly. Keeping the property in good shape will increase tenant satisfaction rates.
You can outsource this task to a property management company. They'll ensure there aren't delays.
Offer Incentives
Offer incentives to encourage renters to renew. Top tenant retention strategies include:
- Cleaning services
- A free month of rent
- Property upgrades
- Gift cards to local restaurants
Ask for Property Management Advice
Instead of applying these investment property tips alone, outsource. Partner with a full-service property management company. They can handle:
- Tenant screening
- Rent collection
- Tenant relations
- Inspections and maintenance
- Evictions
Their services will help you operate more efficiently. Your tenants will have peace of mind knowing help is only a call away, increasing satisfaction rates.
Enhance Your Leasing Management
Proper leasing management can help you retain great renters. As your occupancy rate improves, your earning potential will rise. Use these effective tenant retention strategies today.
Remember, working with a property management company can ensure your success. PMI Lakeshore is committed to adding value through accuracy, honesty, and communication.
Trust our state-of-the-art technology and award-winning strategies. Contact us now for a free rental analysis.
