The vacancy rate in the US increased to 6.1% this year. While that may seem low, losing tenants can become expensive the longer a unit stays vacant. You'll need to spend money on marketing, tenant screening, and maintenance to attract new renters.
Before you begin losing great tenants, try these effective leasing management tips. These tips can help you boost tenant satisfaction. The tenants you love (the ones who pay on time and respect your property) won't want to leave.
Increase your tenant retention rate and continue generating revenue today!
Hire a Property Management Company
Before applying the tips below, consider hiring a property management company. A full-service company can handle:
- Cleaning and maintenance
- Marketing
- Tenant screening
- Rent collection
- Accounting and reporting
- Legal compliance
- Evictions
These are only a few services that could save you money and help you retain tenants. An experienced property manager will know how to keep your tenants happy. They'll respond to inquiries in a timely manner (so you don't have to).
If you're juggling these duties alone, you could neglect your tenants and important tasks. Meanwhile, stretching yourself thin can cause mental and physical health issues.
Hiring a property management company will give you peace of mind. You'll know your tenants (and properties) are being taken care of by a team you can trust. Their knowledge of Knoxville's real estate market could prove invaluable.
Complete Rental Property Maintenance
Make sure to complete all rental property maintenance requests in a timely manner. The longer tenants wait for help, the more frustrated they may become. Your tenants may refuse to pay rent if you don't provide them with a hospitable place to live.
At 80%, maintenance and rental property repairs are the number one property management task that can steal time from your schedule. You can outsource this responsibility to a property management company. They'll find experienced, reliable vendors at competitive prices.
Keeping up with maintenance and repairs will ensure your property is in the best possible shape. If it looks shabby, your renters may decide to leave for a better rental property.
Improve Tenant Communication
Let your renters know you care about their needs. When they sign their lease, offer them multiple ways to reach you with their concerns. Use their feedback to make changes to the way you operate.
Improving tenant communication can help you avoid misunderstandings or frustrating renters. Your property manager can keep up with inquiries and requests on your behalf.
Offer Tenant Incentives
Consider offering tenant incentives or creating a referral program. Incentives can include new appliances, energy-efficient features, or a month off of rent.
These incentives could encourage your current tenants to renew their lease. Otherwise, give them a 90-day notice when it's time to consider renewing. If they decide not to stay, you'll have time to find new renters.
Retain Tenants With Leasing Management
Don't lose the amazing tenants you already have! Use these leasing management strategies to increase your retention rate. With these tips, you can encourage a lease renewal with ease.
Remember, you don't have to do it all alone. Your Knoxville property management company can take care of it for you.
Our team at PMI Knoxville has nearly 20 years of industry experience. We can help you retain tenants! Contact us today to learn more about our effective services.
