You're busy enough marketing listings, screening applicants, and showing properties. You shouldn't have to worry about vacant units stealing money from your accounts, too. By increasing lease renewals, you won't have to worry about any of it.
Instead, you can retain the best tenants long-term to continue generating revenue.
Not sure how to generate more renewals in Bullhead City, AZ? Read on for the tips you need for successful tenant retention!
Rental Property Rules
Before applying the rest of these tips, establish rental property rules and regulations. Remain upfront about these rules to ensure tenants know what to expect. Establishing rules can help you avoid conflict and confusion.
If tenants understand your expectations, their tenancy will be smoother. You'll have an easier time finding tenants you want to keep.
Your rental property rules can cover:
- Excessive noise
- Repairs and maintenance policies
- Landlord's right to enter the property
- Required landlord disclosures
Have tenants date and sign these documents before they move in. If there are issues, you can enforce this binding contract in court.
Start your tenant retention efforts early in the leasing cycle. Maintaining ongoing tenant communication will show renters you care. They'll know they can turn to you for help.
When tenants realize you care about their living experience, they could feel more inclined to stay.
Make it easy for tenants to reach you with questions or concerns. Use technology to automate processes like rent collection. Modernize your systems to offer tenants convenient communication methods.
Gather and act on any feedback you receive as quickly as possible. The longer tenants wait for help, the more frustrated they could become.
Making small improvements based on the feedback you receive will show tenants that you genuinely care about their comfort.
Rental Property Upgrade
Establish a process to make it easier for tenants to send rental property maintenance requests. If you fail to complete these requests promptly, they could take legal action. In Arizona, landlords are required to provide a "fit residence."
The residence must be safe, free from pests, and in operable condition. If you fail to make repairs within 10 days, renters can take action.
Proper leasing management will show tenants that you care about their living experience. Consider offering a rental property upgrade to encourage them to stay. For example, you can offer storage space, new appliances, or a month off their rent.
Offer incentives, such as a discount on the tenant's rent if they sign a two-year lease. Little gestures can boost tenant satisfaction.
When your tenants are happy, they're more likely to want to stay in your rental property.
Generate More Lease Renewals in Bullhead City
Encouraging lease renewals can save you time, money, and energy. You won't have to worry about marketing listings or screening new tenants. Instead, use these strategies to keep the amazing tenants you already have.
You don't have to apply these strategies alone. Working with an experienced property management company can make all the difference to your success.
PMI US Southwest offers the highest quality property management services. We can help boost your profitability. Contact us today to learn more about our prompt, professional services.