What if you no longer had to spend time and money screening applicants and finding tenants? Instead, you can keep the great renters you already have! Retaining tenants will give you an ongoing source of revenue without unnecessary stress.
With the right rental leasing strategies, it's possible! Not sure where to start? Read on to discover how to keep great renters in your investment property today!
Start Attracting Tenants
The first step to keeping great tenants is finding great tenants. Before applying the rest of these leasing strategies, update your marketing and tenant screening strategies.
Use digital marketing (including social media and paid advertising) to market your vacant listings. To start attracting tenants, consider mentioning the latest property upgrades you've made.
Don't rush to fill your vacant listings. Screening tenants will allow you to select renters who:
- Pay on time
- Don't cause property damage
- Don't cause noise disruptions
- Respect you and your property
Consider outsourcing your tenant screening process. Not all tenant background checks are accurate.
Provide Great Experiences
After attracting tenants, try to offer them the best possible living experiences. Use a tenant portal to keep the lines of communication open. Let tenants know they can contact you with questions or concerns.
Remaining helpful and available will show tenants you care. They'll want to stay with you as their landlord.
Offer Incentives and Upgrades
Encourage tenants to stay for another year by offering incentives or upgrades. Choose property upgrades that boost your property value. Otherwise, consider:
- New flooring
- Installing energy-efficient windows
- New kitchen appliances
- Adding a gym
- Sending gift cards
If you currently offer new renters their first month of rent off, offer the same to your current tenants. You can encourage them to renew their lease with a discount. These upgrades and incentives will show your renters you care about them.
If your renters decide not to renew their leases, these upgrades can help with attracting new tenants.
Provide Options
Work with your tenants to find a compromise. Instead of having them sign a year-long lease, consider a monthly or six-month option. If they decide to sign a two-year lease, consider giving them a special discount.
Remaining flexible can give you an advantage among other property owners. Your tenants will feel more inclined to stay if they realize you're willing to work with them.
Don't rush to increase their rent. Instead, explore alternative options. A rent price could scare away renters.
Instead of staying for another year, they'll look for cheaper rent elsewhere. You could start losing renters if you rush to increase your rates. If you're struggling to set competitive rates, work with a property management consultant.
Request Rental Property Management
The right rental leasing strategies can help you retain tenants long-term. Use these strategies to keep great tenants in your investment property. Otherwise, rely on rental property management services.
An experienced property management company can help you boost your occupancy rate. Look no further than PMI Austin Experts. Our team has nearly 20 years of industry experience.
We use state-of-the-art technology and proven strategies to help property owners maximize their earning potential. Contact us today to implement our leasing strategies.
