One of your main goals as a rental property owner should be tenant retention. After all, finding high-quality tenants can be tough. And there’s always the fact that empty rentals don’t generate rent and placing a new tenant in your property will take time and money.
That’s why convincing a tenant to renew their lease is so important.
Though it’s unreasonable to expect a tenant to stay in your property forever, there are plenty of tenants looking for a long-term place to live.
But only if you keep them satisfied.
That’s why today we’re going to check out some of the best things you and your Atlanta rental home management company can do to boost long-term resident retention.
5 Tips for Boosting Tenant Retention
1. Be Responsive
One of the biggest complaints tenants have is poor communication. Whether that be with you or your property manager, tenants hate it when they can’t get in touch with someone. Adding to that, they don’t like it when the expectations about the property are not clear from the start.
One of the best ways to make it clear to tenants that you understand their need for communication is to create a simple welcome package.
In this welcome package that you give to them on move-in day, include a detailed list of important contacts:
- Your phone number and email
- The property manager’s email and phone number
- Numbers for contractors in case they need minor or emergency repairs
- The Atlanta rental home management office phone number
- An after-hours hotline number for handling emergencies
It’s also helpful to set the tone from the start of the tenancy by having your property manager explain the lease agreement and information that’s in the welcome package in detail with tenants. This shows them you care about their needs. It also sets high expectations from the start that are clear and easy to follow.
Tenants will remember this attention to detail come lease renewal time.
2. Check on Tenants Throughout the Year
It’s great to go the extra mile when your tenants move in. But the truth is, tenancies are long. If your tenants feel forgotten once move-in day has passed, you’re going to have trouble retaining them.
To fix this, check on your tenant’s satisfaction throughout the year to make sure they’re happy. For example, call every once in a while, send a quick email, or even schedule seasonal property inspections.
The best part about taking the time to check in on your tenants face-to-face is twofold:
- It shows your tenants you care about them and their needs. Because of this, they might be more open to sharing things that they aren’t happy about. You can fix these things before lease renewal time in an attempt to retain them.
- It allows you or your property manager the opportunity to check on the condition of the property. You can fix any minor repairs before they become major (which tenants will love) and reinforce the expectations you set on move-in day.
If you’re proactive and check on your tenants throughout the year to make sure they’re always happy, you’ll be more likely to get a lease renewal at the end of their term.
3. Make Paying Rent Easy
People have become accustomed to doing everything online. This is especially true when it comes to paying their bills. Because of this, many tenants expect to be able to pay their rent online.
Giving tenants the option to pay their rent online is not only convenient for them, it’s helpful for you. For example, online rent payments can be made 24/7, lowering the chance of a late rent payment. It also makes record keeping a cinch since all payments will be secure and in one easy to access location.
The simpler you make things on tenants, even when it comes to something like paying the rent, the happier they’re going to be. As a result, they’ll want to stay put in your rental property come lease renewal time because things are so easy.
4. Reward High-Quality Tenants
High-quality tenants are hard to come by sometimes. It’s even harder to convince high-quality tenants to stay when the market is competitive.
When you figure out your tenants are keepers, consider rewarding them to convince them to stay.
Here are some of the best ways to reward top-notch tenants and keep them for another year:
- Forgo a rent increase or provide a discount come lease renewal time (58% of people prefer low rent as an incentive)
- Offer to pay a utility such as cable or internet for the year
- Agree to make a property upgrade that’s not necessary but would be nice to have
- Replace a major appliance such as the washer/dryer units or refrigerator
- Give them a gift card or other monetary gift
- Offer some flexibility on renovation, pet, or other addendums
It might seem counterintuitive to shell out some of your hard-earned cash or waive a rent increase when the market is heating up. But sometimes you have to put in a little bit of money to increase your ROI. Plus, the peace of mind a good tenant brings you is worth the small investment.
5. Make Renewing a Lease Simple
Tenants don’t want to wonder whether they’re going to be offered a lease renewal or not. It makes them anxious.
If you wait too long to offer a renewal, your tenants will start looking for somewhere else to go. This way, they don’t end up scrambling at the last minute to find a place to live.
Check out these best practices for securing lease renewals with tenants you want to keep:
- Create a new lease agreement for every renewal you offer
- Make signing the lease renewal simple (g., electronic signatures are best)
- Offer lease renewals 60 days before the end of a tenancy to give tenants time to decide
- Reconsider some lease provisions if it will secure you a renewal
If you want to retain a good tenant in your rental property for another year, prioritize making the lease renewal process as simple as possible.
Are you ready to maximize your ROI and boost your long-term resident retention rate?
If so, now is the time to start looking for an Atlanta rental home management company to help you with managing your growing portfolio of rental properties.
When you contact Atlantic Property Management, you’ll get help drafting lease agreements that are easily renewable at the end of each term. But more than that, you’ll have a property manager that is dedicated to communicating with tenants, providing high-quality maintenance services, and implementing an easy rent collection process.
We understand that a reliable property management company can be just as tough to come by as a high-quality, long-term tenant. That’s why we take it upon ourselves to give you everything you and your tenants need, so that both of you stick around for the long haul.