The cost of replacing a tenant who doesn't renew their lease is almost $4,000, according to a study by property management automation company Zego. Keeping great tenants is clearly worth the effort.
You can design your lease management strategy to boost tenant retention in your Williamsburg properties. Giving your residents a good experience is key. Learn more about how to improve your rental lease renewal rate.
Prioritize Good Communication
Good tenant communication is the foundation of renter satisfaction. People expect to have the option of communication channels like email, text, phone, and app messaging. When new tenants move in, explain the communication methods you offer and when they should use each one.
For example, you may prefer phone calls for urgent situations. Email is more appropriate for non-urgent questions or when having a record of the communication is important.
No matter which communication method a tenant uses, you should respond in a timely manner. This makes your tenants feel like you care about their issue and are doing your best to resolve it.
Handle Maintenance Requests Promptly
Responding quickly to maintenance and repair requests is essential for tenant satisfaction. It builds trust. It also protects your property if the maintenance issues could cause damage.
Tenants should have a simple way to file a maintenance request. You need to track requests efficiently so that nothing falls through the cracks.
Various platforms are available to help with maintenance request processing. After tenants submit their requests, you can respond and keep them updated on the progress of their repairs.
Use an Online Tenant Platform
Consumers make purchasing decisions based on convenience. You can use digital tools to offer convenient online services like:
- Rent payment
- Maintenance requests
- Access to lease documents
- Virtual tours
Property management software helps you respond to questions or problems more quickly. It shows that you care about keeping your properties up-to-date.
If you prefer not to manage a software system on your own, you can work with a property management company. They will oversee the platform as well as handle tasks like finding tenants, tenant screening, and maintenance.
Offer Lease Renewal Incentives
Incentives for a rental lease renewal can be an effective way to encourage good tenants to stay. Possible incentives are:
- Keeping their current rent rate
- Waiving certain fees, like parking
- Giving a month of rent at a discount
- Providing upgrades to their unit
Be sure that any incentives you offer make sense financially. You can weigh the cost of the incentives against the cost of rental vacancies. Incentives should be documented in the lease or as an addendum to avoid misunderstandings.
Keep Your Best Tenants with Better Leasing Management
You can improve your tenant retention by focusing your leasing management on several key areas. Good tenant communication is the foundation.
Addressing maintenance concerns promptly is another high priority. An online platform can help you with these areas. Finally, consider incentives to encourage good tenants to renew their leases.
For help with all aspects of leasing management, reach out to One Door Realty. We're a full-service property management company here in Williamsburg. Our tenant screening process will find you good tenants, and our customer service will make them want to stay.
Schedule a consultation with One Door Realty today to discuss how to reduce rental vacancies and increase tenant retention.
