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It's that time of year again: You need to renew your tenants' leases for your investment properties. The process may seem stressful, but it doesn't have to be if you have the right tools.
How can you conduct your leasing management in a streamlined way and keep your good tenants? Here are some tips to make lease renewal even easier.
Offer Compromises
One of the biggest mistakes a landlord can make is believing they have ultimate power. However, if you want your residents to stay longer, you need to be aware of the things they desire.
Has your tenant always wanted a pet? After considering whether your property can accommodate it, this might be a great compromise to get them to stay. You can even waive pet rent if you're feeling extra generous.
You can also meet in the middle when it comes to rent increases. Consider the amount it would cost to bring in a new tenant. If that amount surpasses what you want for a lease renewal, you might benefit from offering your tenant a lower number.
Maintain Tenant Communication
Tenant communication is one of the pillars of a solid tenant-landlord relationship, and you should value it at all times. Always ensure to communicate with your residents regarding anything from maintenance repairs to lease renewal.
Consider using an online tenant portal to make communication easy. You should also give your tenants all of your contact information, and respond to inquiries in a timely manner.
Stay on Top of Maintenance
Maintain your properties so your tenants always have a great place to live. Keep track of maintenance requests and ensure they are fixed as soon as possible.
Although something like a broken appliance may not seem like a big deal, it can be disruptive for your tenants.
If you have trouble doing maintenance yourself, it may be worth it to hire a property management company. They can coordinate with the right parties to get tenant requests resolved quickly.
Try Tenant Incentives
Lock in your lease renewal as soon as possible, so you do not have to worry about the deadline creeping too close. If you want your tenants to sign without hesitation, you need to make the deal worth it for them.
For instance, try giving a discount on rent if they renew early, or for a longer period of time. If they pay less on a three-year lease than a one-year lease, they are more likely to renew for the latter.
Other incentives include property upgrades, such as energy-efficient appliances or a better parking spot. Ask your tenant what you can do to get them to stay, rather than looking for a new place.
Make Leasing Management Less Complicated
Leasing management doesn't have to be a burden when done properly. This guide can help you keep good tenants and avoid the hassle of finding new residents for your rental properties.
PMI Central New Jersey is the perfect solution for your New Brunswick, NJ property management needs. For more information, get in touch with us to discuss all things related to investment properties.
