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Getting as many lease renewals as possible should be one of your highest priorities as a landlord. This eliminates vacancy costs and the costs of finding new tenants. Sadly, rising rental prices in Texas may have strained your attempts to get your tenants to renew their leases, but you can turn the ship around today!
With slight changes to your rental property rules or property management style, you can encourage your tenants to stay with you much longer. Read all about these strategies in this quick guide.
Low-Cost, Long-Term Efforts
Choosing a place to stay is a long-term decision for most people. It would be best if you opened the conversation about lease renewal closer to the start of the lease rather than at its end.
The best way to do this is to maintain a high rate of tenant communication. Inform them of the lease renewal process immediately and then check in with them about once a month. Using technology can help reduce excess administrative burdens.
You can also keep the costs of this exercise low by considering the tenant's context more broadly. For example, you can expect certain tenants to be far more likely to move from place to place, seasonal workers, and students. Instead, focus these efforts on securing tenants more likely to stay put, like budding professionals and new families.
Improving Quality of Life
Numerous factors can lead to a tenant wanting to move on. While some are completely out of the landlord's hands, others are easy for them to improve and control.
Slow rental property maintenance and unpleasant neighbors are the most significant quality-of-life issues that can drive decent tenants away. If you want to keep your tenants for longer, quickly, and adequately address any maintenance concerns. Also, set and enforce rental property rules clearly to reduce noise and other unpleasantness.
Building Trust
Tenants love having a landlord they can trust. Once found, most people will stick with a trustworthy landlord rather than move on to a stranger. Landlords can ensure they have trustworthy tenants by conducting tenant screening.
Investing some extra contact time and energy into getting to know your tenants personally can go a long way in building trust. Promptly responding to residents' concerns (perhaps through a much-needed rental property upgrade or maintenance) is another reliable trust builder. You can even extend trust to your tenants by sometimes giving them a rental payment grace period.
Securing More Lease Renewals
Focusing on getting lease renewals has major benefits. Your property is more productive, and you get on better with your tenants.
Open the lease renewal conversation as early as possible. Tenants are more likely to renew if they've had longer to consider.
Give them reasons to renew by regularly checking in with them. Responding well to maintenance, noise, and other complaints further makes your case.
When tenants trust you, there's a high chance they'll stick with you. You can trust PMI Austin Experts to help you secure more lease renewals. Visit our site today to learn more.
