Each time a tenant's lease ends, you have to worry about marketing the property, screening tenants, and vacancy costs. What if you could keep your perfect renters instead? With proper leasing management, you can increase renewals to save time and money.
Here are a few tips you can use to encourage your Merced, CA renters to stay. Keep generating revenue (and avoid troublesome renters) with these strategies!
Offer Tenant Incentives
Talk to your tenants to discover what amenities they want from a rental property. Appealing to their needs could encourage more lease renewals.
For example, you can offer:
- High-speed internet
- New appliances
- Open floor plans
- Smart devices
Offering these amenities can give your property a competitive advantage. It can help you attract long-term tenants in the future. Tailor your offerings based on your target audience.
If you're trying to appeal to busy professionals, offer a doggy daycare or gym. To appeal to families, consider adding a playground.
Think long-term when making upgrades. Choose home renovations that will improve the renter's quality of life and add property value. On average, home renovations provide a 70% ROI.
You can also incentivize renters by offering a longer lease period. Instead of a year-long lease, offer a two-year lease at a reduced rate.
Improve Tenant Communication
Be proactive with lease renewals by improving tenant communication. Start fostering healthy landlord-tenant relationships the moment tenants move in. They'll see you as a caring landlord, which could encourage them to stay.
Make it easy for your renters to reach out with requests and concerns. For example, you can use an online rental portal.
Give tenants a 90-day notice when it's time for them to renew their lease. An early notice will encourage them to consider their plans. If they decide to move, you'll have time to find new renters.
Complete Rental Property Maintenance
California tenants are entitled to living environments that meet basic safety, health, and structural standards. If the property isn't in good repair, they can file a rental property request. Complete repairs in a timely manner to meet habitability standards.
The property should:
- Have intact windows and doors
- Have well-maintained floors
- Be free of nuisances
- Have functional heating, plumbing, and electrics
- Be clean and sanitary
- Not contain lead paint hazards
- Have effective waterproofing
If you fail to complete maintenance requests, your renters could take legal action. For example, they could complete the repairs themselves and remove the cost from next month's rent. They can sue you or move out without notice under California law.
Hire a Property Management Company
Applying these leasing management strategies can steal time from your already busy schedule. Consider outsourcing this process to a property management company. An experienced property manager will know of effective strategies you can use to boost renewals.
Improve Your Merced Leasing Management
Proper leasing management can help you retain tenants long-term. Use these tips to encourage the best renters to stay. With these strategies, you can retain a source of income without stress.
Remember, you don't have to apply these strategies alone. Working with an experienced property manager can save you time.
Chosen Property Management has over 30 years of experience providing professional property management services. Contact us today to discover how our services can set you up for success.
