If you're a rental property owner, you probably like to stay on top of your unit's vacancy rates. Though the vacancy rate hovers at around 6.6% nationwide, some property owners find that their own rates are much higher.
That's why it's so crucial to have strategies in place for tenant retention. Proper leasing management can help you keep your best tenants right where they are, maximizing your investment. If you're not sure where to start, read on.
Meet Local Market Demands
It's crucial to stay on top of what tenants want and the local market. Depending on your property's location in the greater Brainerd area, your tenants may be on the hunt for specific amenities. Your property needs to offer these amenities and stay competitive if retaining tenants is a concern!
Tenants are often searching for a great location, upgraded appliances, move-in ready conditions, pet-friendly units, parking access, fenced yards, outdoor space, and ample storage. If your property is lacking things that nearby properties offer, consider investing in updates.
Address Maintenance Issues Fast
No one likes to beg their landlord to address ongoing problems. If your tenants have maintenance requests, tackle them right away! This is a great way to keep them happy and show that you're responsive to their concerns.
If you or the contractor you've chosen will need extra time, be transparent. Communicate often through your online portal and keep tenants in the loop about the timeline.
Be Kind
Maintaining a good relationship with tenants is a great way to tempt them into staying. If they're satisfied with your communication skills, patience, and responsiveness, they may not want to take their chances with another landlord!
You don't have to be best friends with your tenants, but you should show your compassion, care, and appreciation. Great tenants are hard to find, so go the extra mile to be kind.
Make Lease Renewals a Breeze
Get rid of any barriers to lease renewals. The goal is to make it as easy as possible for your favorite tenants to sign on the dotted line.
Give them a heads-up long before it's time to consider their renewal. This gives them time to weigh their options, and it also gives you time to start finding new tenants if they decide to bow out.
If you want to keep them, however, be prepared to negotiate lease terms! Ask if there's any way you can make the property more appealing to them. Keeping an existing tenant will always get you more money than the work, time, and expense of finding a new one, especially if that tenant turns out to be problematic. A few adjustments, upgraded amenities, or a slight dip in rental rates may encourage them to stay.
Get Better Leasing Management
At the end of the day, keeping great tenants right where they are is the best move for your rental property. Use the tips above to keep your tenants satisfied and avoid the hassle of finding someone new!
If you want to make leasing management a no-brainer, consider partnering with the team at PMI Minnesota. Our full-service franchise has almost 20 years of experience, and we're proud to be a trusted real estate resource in the Brainerd area. To learn more, get a free rental analysis today.
