Have you watched your vacancy rate increase over the past year? The national rate is nearly 6.5%. Without a proper leasing management strategy, you'll continue losing money due to vacancies.
Instead, learn how to start retaining tenants to boost your occupancy rate. Not sure where to begin? Read on for the tips you need to keep great tenants today!
Screen Applicants
You won't want to retain renters who are troublesome and costly. Instead, develop a tenant screening process. Review each applicant's:
- Criminal background
- Credit score
- Employment
- Eviction history
- References
- Rental history
Screening tenants can help you avoid renters with a history of complaints from previous landlords. You can avoid tenants who pay rent late or damage properties.
This will ensure you find reliable renters. However, not all tenant screening reports are accurate. Outsource your tenant screening needs to a property management company.
They'll gather accurate information, ensuring you find great tenants you want to keep.
Maintain Your Investment Properties
Renters won't want to stay in your investment property if it's falling apart around them. Schedule routine inspections to spot potential problems. You can fix these issues before they require more extensive (and expensive) repairs.
Allow tenants to submit maintenance requests online. Use a tenant portal to track requests and each project's progress.
Maintaining the property will show renters you care about their needs. Go a step further by offering property upgrades. Upgrades will improve the rental property's desirability and value.
Improve Tenant Relations
Tenants won't want to stay if you're a difficult landlord to reach. They want to know that you care about their living experiences. Improve tenant relations by being responsive and helpful.
Provide tenants with a 90-day notice when their lease is about to lapse. Ask if they'd like to renew their lease.
Give them multiple lease term options. Some renters may want to stay on a monthly basis.
Remain willing to negotiate. Instead of increasing the rent, try to find a compromise.
Offer Incentives
Offer tenants incentives to encourage them to renew their leases. These include:
- Free Wi-Fi
- Property upgrades
- Cash gifts
- Gift cards
Talk to your renters to determine their needs. Their feedback can help you offer the incentives they want.
Do you offer new renters an incentive when they move in? Consider offering the same to your existing renters. For example, you can give them a free month of rent.
Hire a Property Management Company
Improve tenant relations and your vacancy rate by outsourcing. Hire an experienced property management company. Their proven strategies will cause your vacancy rate to decline.
Retain Tenants With Leasing Management
Proper leasing management can help boost your occupancy rate and ROI. Use these tips to start retaining tenants. Remember, you can save time and increase revenue by outsourcing.
Trust our team at Aksarben Property Management. We provide exceptional services by implementing the latest technology. You can rely on our 22 years of experience helping over 640 happy owners.
Ready to boost your occupancy rate? Contact us now to start profiting more from your rentals!
