The ideal tenant for your property is a long-term one. These tenants provide consistent income, save you time and money finding new residents, and often bring their own value to the building. As such, you want to do everything in your power to create a welcoming environment that they don't want to leave.
However, the last thing you want to do is beg a tenant to stay when their lease is up. That can make you come across as desperate, and they may want to take advantage of the situation.
Here are four ways to subtly encourage a tenant to renew a lease with your rental property.
1. Inform Them of All the Rules Up Front
First of all, it's important to make a good impression on any new tenant. Let them know all of the rules and regulations upfront.
For example, tell your new tenants what kind of control they have over the property and what changes they can make. This can help them customize their space and feel more comfortable in it. Otherwise, they may avoid making any additions and risk breaking their lease.
You should also let them know if there are any quiet hours or things to know about the other tenants. This may be included in tenant screening if your property has certain restrictions.
2. Prioritize Good Communication
Another way to persuade a tenant to continue their stay on your property is by keeping in touch with them. Most people don't speak to their landlord unless they absolutely need to and oftentimes find them difficult to reach. That's not the impression you want to give.
If you want to improve your landlord-tenant communication, it helps to set up "office hours" when they can reach you. Respond quickly to their complaints and establish trust through honesty and consistency.
3. Perform Regular Maintenance
A good landlord isn't just one that fixes things when they break down. They should also perform regular maintenance around the property to avoid things from developing issues.
However much you're responsible for should be outlined in the lease and agreed upon by your tenant. Generally speaking, the landlord should keep the basic structural elements intact and maintain all common areas.
4. Offer a Rent Grace Period
Sometimes people get paychecks late or run into emergency situations that dig into their budget. It happens to everyone, and it helps if you understand that and implement some kind of rent grace period. Ideally, this should be agreed upon with the tenant and require them to request some extra time to pay their rent.
Get Your Tenant to Renew a Lease
Even if you get a tenant to renew a lease, it can be difficult to juggle all the different properties you own. More tenants mean more work, but you also don't want to pay vacancy costs. That's where a property management company comes in handy.
Laureate, Ltd. is one of the largest property management firms in the Denver area. We have the skills and resources to help you handle any of your rental properties. Get your free rental price analysis now and contact us to learn more.
