Did you know that more than 40 million homes in the U.S. are renter homes?
Finding good tenants is not always an easy task though. If you have quality tenants renting your property(s), it is in your best interest to cultivate a long-term relationship.
How do you encourage lease renewals? How do you create relationships with tenants? Continue reading to learn more.
Build Rapport and Establish Trust
One of the most effective ways to cultivate relationships with your tenants is to build rapport and establish a sense of trust. Take the time to get to know your tenants and show that you care. From regularly checking on their utilities to providing incentives, demonstrating your appreciation of their business can go a long way.
The key to a landlord-tenant relationship is trust. Through your actions, show your tenants that they can trust you and that you are reliable in the case of an emergency. If tenants know that they can rely on you, this will make them more likely to continue to lease with your company.
Incentivize Your Tenants
Another key way to encourage tenants to renew their lease agreements is to incentivize them to do so.
From rent discounts to small gift cards to gift baskets, incentives are noticed. Tenants want to feel appreciated and valued, and offering them incentives for their business is a great way to demonstrate your commitment.
Be Fair With Rent Collection
Tenants appreciate a rent collection grace period. Unexpected circumstances can occur and tenants may not be able to pay their rent on time. If you want to maintain a good relationship with great tenants, showing empathy and understanding is essential.
If you believe tenants are taking advantage of your grace period, be transparent with them about it. Great tenants, however, will remember your kindness and they will pay their rent as soon as they can. Your empathy will not go unnoticed.
Handle Maintenance Issues As Soon As Possible
If you want to encourage tenants to renew their leases, it is critical that you handle maintenance issues in a timely manner. Tenants expect issues to be taken care of promptly.
Your tenants want to be able to trust that you and your team will handle issues quickly and professionally. Providing excellent service to your tenants may be the key factor that leads to lease renewals.
Lease Renewals and More with PMI Garden State
There are multiple strategies to encourage lease renewals. Foremost, it is important to build rapport and a sense of trust with your tenants. Cultivating a relationship with your tenants that is mutually beneficial is essential.
Additional strategies include incentivizing your tenants, being fair with rent collection, and handling maintenance issues promptly.
At PMI Garden State, we are a full-service asset management company that handles both residential and commercial properties. Our parent company has been a leader in the property management industry for more than 20 years.
We have a dedicated team of property managers who will assist you with planning and executing lease renewal strategies. To learn more about our services, please schedule a consultation today.