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With the housing crisis still an issue in the Redwood City area, many people want to stay put whenever they can. Trying to find a new rental property can be an exhausting process for renters. They'd rather remain in a place they already trust and enjoy.
Lease renewals aren't always so cut and dry, however.
If you're struggling to keep your tenants, there could be simple problems you've overlooked. We're here to help pinpoint these issues and help you solve them. Continue reading to learn how to increase your tenant retention!
Strong Tenant-Landlord Relationship
Learning how to grow a bond with your tenants goes a long way to improve your skills as a landlord. By showing your tenants that you're trustworthy and friendly, they'll be less willing to move away.
Amicable interactions aren't the only thing to worry about. You also want to make sure you respond to concerns in good time. Find a good balance between being present within the area, without being overbearing.
Finding a landlord who cares is often like finding the jackpot. With a good relationship, tenants will want to talk about their rental lease renewals before you even need to approach them.
Improve Living Experience
Constant upgrades and maintenance don't only look good on your rental property advertisements. They also improve the living conditions for your current tenants.
As a tenant spends more time on your property, they'll feel neglected if nothing ever changes. Even small upgrades can go a long way in providing new interest in the property.
It's often an efficient strategy to make a list of upgrades and maintenance tasks you plan for the property, and then sprinkle them in throughout the year. A big renovation looks good on paper, but sometimes smaller but more frequent instances go farther in keeping tenants engaged.
Provide Incentives
Renting concerns are a big conversation in Redwood City these days. That's why offering incentives to your loyal tenants can make them more willing to stay, even if they were once intent on moving.
Stay updated on current trends and concerns, and use this information to help keep your tenants interested in renewing their leases.
Things such as lower rent for a few months or a special deal on utilities could be the thing a tenant needs to stay on the property. This might cost you a little extra for a time, but will save you big in the long run since you'll no longer need to replace that tenant.
Achieve More Successful Lease Renewals
Bonding with tenants and being a present landlord are the basics of lease renewals. Incentivizing tenants to stay can be the icing on the renewal cake. The problem is sometimes you need outside help to get renewals, no matter how much icing you put on.
Here at PMI Redwood Realty, we offer a full range of property management services to assist your business. This includes helping to keep tenants comfortable and happy, as well as aiding in the lease renewal process.
Contact us today with your concerns and questions, and we'll use our 25 years of experience to help you come up with a strategy to find success!
