4 Ways To Get Your Tenants To Renew Their Lease
As a property rental owner, you want to be sure that your tenants are happy and continue to renew their lease. This will help to guarantee that you continue to receive regular monthly income from the property without the stress of having to wait to find new tenants to fill the property. This is why you should be sure that you and your property manager are working to guarantee your tenant's happiness in the following ways:
- Make Rules Clear: When you first decide to rent out property, you and your property manager should sit down together and form a complete set of rules for the tenants to follow. When your property manager is in the process of finding tenants for you, he or she will be sure that these rules are clearly laid out. This is going to help prevent conflict in the future. Things such as quiet hours and contact hours should be established. You also want to establish what is considered damage that the tenant will be responsible for paying for to avoid conflict in this area.
- Address Complaints Quickly: When you work with a property manager, you want to be sure that he or she has a list of professionals to go to who will help with maintenance issues, such as a plumber, locksmith, window repair person, and more. This guarantees that issues can be resolved as quickly as possible since your property manager will already know who to call. By having complaints addressed as quickly as possible, you can be sure that your tenants feel comfortable and can rely on you to have things done.
- Have a Rent Grace Period: If you are collecting rent on the first, you may consider establishing a grace period for rent collection. This grace period can be anywhere from 1 to 5 days or whatever you feel most comfortable with. By providing some leniency, it allows your tenants to feel more comfortable. It also gives them some time to be sure that they have rent available in their accounts to give to you.
- Provide Incentives: From the moment your tenants move in, it may be wise to start off with a good relationship by providing a move-in gift such as a package of light bulbs or a bottle of wine, something that makes them feel really welcome. You may also consider providing a discount for them if they do agree to renew their rent or you can even offer the incentive to repaint a room free of charge, or fix up the kitchen in some way so long as they renew their lease.
By knowing some ways in which you and your property manager can make tenants comfortable and happy, you can be sure that they are that much more likely to renew their lease and continue to be a stable source of rental property income for you. If you do not yet have a property manager, consider hiring one from a company like MGR Property Management Inc.