5 creative tips for landlords, property managers, property management companies to retain tenants
Residential Rental Property Lease Agreement
Most landlords, property managers and property management companies tend to be reactive about lease renewals and it worked during a hot market when rents were going up and rentals were in high demand. Now renewals are not certain and landlords, property managers and property management companies need to be proactive to retain tenants and low vacancy rates. Many landlords and property managers are getting very creative and are taking aggressive steps to keep their properties occupied and reducing tenant turnover.
1. Stay in touch with your tenants during the rental period and contact the tenant 60 days before lease end date to ensure renewal. Reward a tenant who has been paying on time with a discount for first month of the new rental period and make the tenant feel that they are getting additional value.
2. Be flexible about rents and adjust rent to market to keep the unit occupied. This will save advertisement and any potential rent loss due to an empty unit
3. Do an improvement to the unit by doing minor upgrades to lighting or fixtures and keep the experience positive for the tenant.
4. Offer a partial refund of security deposit to a tenant who has been paying on time and has been keeping the unit in a good condition. Another way to retain tenant would be to return partial deposit monthly.
5. Offer a month-to-month lease facing economic uncertainty thus retaining tenant for a longer time, which provides them more time to wait and sign a longer-term lease when the financial situation turns around.
This blog post is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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