Imagine your favorite tenant (the one who never complains and always pays on time) moving out. Their vacancy will leave you without a source of income. You'll need to spend money marketing the property and screening applicants.
Before that happens, use these tips to boost lease renewals in Merced, CA. With these lease renewal strategies, you can retain tenants and keep generating revenue. Keep your favorite tenants today!
Screen Applicants
Before using the rest of these lease renewal strategies, take the time to screen applicants. Screening future applicants can help you avoid problematic renters. Instead, you can find renters who will:
- Respect your property
- Pay on time
- Get along with neighbors
- Express concerns
Develop an efficient screening process. Complete background checks, employment verification, and credit score reports. Skipping this process could lead to troublesome tenants you won't want to keep.
Improve Tenant Communication
Develop strong relationships with your tenants the moment they move in. Fostering landlord-tenant relationships can help you avoid miscommunication.
When tenants move in, give them multiple ways to reach you with concerns. You can use a rental portal to streamline tenant communication. If renters struggle to reach you, they could get frustrated.
When it's time for renters to renew their lease, give them a 90-day notice. Use incentives to encourage lease renewals. For example, you can offer property upgrades or a month off their rent.
Talk to your tenants to determine what they need. Meeting their needs and addressing their concerns will boost tenant satisfaction. Satisfied tenants will want to stay.
Complete Rental Property Maintenance
Don't ignore your tenants when they have a rental property maintenance request. Otherwise, they could grow frustrated.
Completing maintenance projects will show tenants you care about their living experience. It will also allow you to maintain the property. If your current renters decide not to renew, having a well-maintained property will help you find new renters.
Hire a Property Management Company
You don't have to apply these lease renewal strategies alone. Hiring an experienced property manager can save you time and money. They'll use the most effective strategies to help you increase renewals.
Look for a property management company that offers comprehensive services. They can improve tenant communication, marketing, and maintenance requests on your behalf.
You can learn from their experience managing other Merced properties. Fewer than half (45%) of landlords manage their own properties. Relying on a property management company could help you gain a competitive advantage.
Increase Lease Renewals in Merced, CA
Increasing lease renewals can help you avoid costly vacancies. Use these lease renewal strategies to keep your best tenants. Retaining tenants will lead to more revenue and fewer problematic renters.
Remember, you don't have to apply these tips alone. Chosen Property Management has over 30 years of experience helping Mercer property owners. Contact us to simplify your property management journey with our proven strategies!
