Effective Ways to Increase Your Lease Renewals

Effective Ways to Increase Your Lease Renewals

As a landlord, having quality tenants that renew their lease is arguably the best thing that can happen for you. The top 3 reasons being: you do not need to go through the screening process again, you do not need to actively look for tenants, your current tenants already know the rules and regulations and, you already have a standing relationship arrangement with your current tenants. Having to go through this process all over again is really just tiresome and so, here are 3 major ways you can effectively increase your lease renewal.

Always
Keep Up with Proper Maintenance Checks

Keeping up with the maintenance of your property guarantees that the property is up to par and, this would in turn appeal to your renters. A property that is properly and timely maintained is one that tenants would be proud of and, this can guarantee that they would most likely want to renew their lease with you. Maintaining a steady and regular schedule of preventive maintenance on your property would also give your tenants the confidence of knowing that they do not have to worry about dealing with malfunctions and breakdowns in amenities.

Be Prompt
In Following Up with Complaints and Requests

When
your tenants make legitimate complaints and requests, it would pay to be prompt
in addressing their issues no matter how little it may seem. Your renters want
to feel like they are a priority for you, and when you follow up on their
complaints and look into their requests, you make them feel important and it
would help them to stay loyal to you; knowing that you would always look into
whatever issues they have and follow up on the solution.

Have
a Reasonable Grace Period for Rent

Giving your renter a reasonable grace period when their rent is due would also go a long way to help them stay loyal to you. Of course, this does not mean that you should always relent, but, you would want to offer your tenants a penalty-free grace period. This especially applies when your tenant does not usually owe on rent. It could just be some unforeseen challenges or just a minor delay and, a grace period may just be the extension that they need to cover the lapses.

In
as much as there are more ways to retain the loyalty of your tenant and increase
your lease renewal, these top 3 are practically the most effective.