According to Consumer Affairs, the Provo-Orem area tops the list of best cities for first-time homebuyers. This may be good news for those who want to own property, but this fact may make it tougher for landlords to keep renters in their units.
A great tactic to keep vacancies low is to have excellent lease renewal policies and approaches. If you perfect these, then you can convince people to rent just a bit longer.
Would you like to know how to increase lease renewals in your property? Then keep reading. We'll show you a few renewal process tips.
Maintain Strong Communication
Lending Tree says that 58% of renters have had at least one landlord they didn't like. Of these tenants, 53% said it was due to communication issues; this should tell you just how important strong communication is!
You should check in regularly to make sure that their needs are met. Should there be any property maintenance or community events, you should give them timely updates. And before their leases are up, be proactive and ask about their plans for the future.
Transparency will build a positive relationship with your tenants, especially if you treat them with respect and a professional manner. When there are positive relationships, you can get more lease renewals and even avoid things like unpleasant evictions.
Offer Incentives for Renewal
Packing up and moving to another complex can be a real hassle, so many tenants may be hesitant to move. You can persuade them further by giving them deals that are too good to resist.
For example, you can provide a small rent discount or a bonus for renewing leases. Giving a gift card or property upgrade can go a long way.
You can also consider flexible lease terms that'll accommodate your renters. This can be either shorter or longer renewal periods.
Address Maintenance Issues Promptly
Incentives are fantastic lease renewal benefits, but they only go so far. If your property's in shambles and tenants don't feel safe or comfortable, they'll want to leave, even if the rent's cheap.
One of the best tenant retention strategies is to invest in maintaining your property. Ensure that it's easy for your renters to report issues, and when they do, address them promptly.
Stay ahead of problems by scheduling regular maintenance and inspections. If you find this too difficult to do on your own, then use expert rental property management services. You'll free up your time and worry less about your property.
See More Lease Renewals With Our Tips
Lease renewals can be hard to come by, especially since it's more a buyers' market than a renters' one in Orem. However, that doesn't mean that they're impossible.
If you use our property management insights, then renters will be more inclined to stay in your property. And if you use our property management services, you can enjoy a more relaxed life as a landlord.
Contact us today to find out more about what we can do for you. We at PMI Reliant are so confident in our services that you can cancel your agreement with 30 days' notice if you're not happy.
