Lease renewals in the US have averaged 64.4%. How many of your renters decide to renew their leases each year? Without renewals, your Fayetteville, NC rentals may sit vacant.
Before that happens, leverage these effective leasing management techniques. These effective leasing strategies can encourage renters to stay.
As your renewal rate improves, your ROI will rise. Ensure your success in the Fayetteville rental market today!
Prioritize Tenant Relations
Neglecting your renters won't encourage them to renew their leases. Engage your tenants the moment they move in. Let them know you can answer their questions and respond to their needs.
Make it easy for renters to reach you by providing them with access to an online portal. You won't need to respond to texts, calls, and emails. Instead, you can save time by consolidating communications.
Try to respond to renters promptly. The longer you wait to respond, the more frustrated they'll become.
Prioritizing tenant relations can lead to higher satisfaction rates. It can also help you avoid misunderstandings.
For more effective landlord management, consider partnering with a property management company. Your property manager can respond to tenant needs. Their quick responses will show tenants you care.
As you apply these leasing management best practices, try to stay ahead of your tenants' needs. Send them a 90-day notice when their lease is about to end. Outline the new terms and make renewing their lease easy.
Complete Maintenance Promptly
Your tenants have a right to a livable rental. If you don't make repairs promptly, they may decide to take legal action. In fact, tenants can sue you and ask a judge to:
- Order repairs
- Enforce a retroactive rent cut
- Reduce rent while repairs are made
Failing to schedule repairs may encourage renters to move out. Instead, schedule routine inspections. You can save money and increase tenant satisfaction by getting ahead of maintenance tasks.
Offer Incentives
Encourage renters to renew their leases by offering incentives. For example:
- Gift cards
- Rent discounts
- Property upgrades
Create a referral program to find new renters through your current tenants. Reward them with gift cards and communicate your appreciation.
Upgrade the Property
Start maximizing rental income by upgrading your rental properties. Choose upgrades that other rentals in Fayetteville don't offer. This could give you a competitive advantage and help you retain renters.
Hire a Property Management Company
Instead of applying these leasing management best practices alone, outsource. Partner with a property management company. Their services can benefit you and your tenants.
Choose a full-service company that offers everything you need under one roof. With their help, you can operate more efficiently to improve your ROI.
Retain Renters With Leasing Management
Keeping the great tenants you already have can boost your occupancy rate. You can start maximizing rental income without worrying about vacancies. Remember, you don't have to apply these leasing management tips alone.
Instead, hire a property management company. Our team at PMI All American is part of America's number one property management franchise. We have over 20 years of landlord management experience.
Trust our state-of-the-art technology, award-winning strategies, and expertise. Contact us today for a free rental analysis.
