If you are a landlord, you probably want to keep your most valued and trusted residents. After all, having responsible tenants who agree to the landlord and tenant laws by paying their rent on time is valuable.
But when a lease renewal comes up, it is hard to say if your tenants will stay or not. Some people want to move for new experiences, while others are not satisfied with the apartments and management.
Don't want to lose your tenants? Then keep reading our guide on how to incentivize lease renewals. Our tips and tricks will make sure that your renters remain part of the community.
Give An Early Reminder
Keep track of when your tenant's leases are coming up. By doing this, you can provide the renters with an early reminder.
That way, they have time to think about their decisions and where do they want to live. It will also show your tenants that you care enough to know in advance when their lease renewal is coming up.
Send a Text
If you don't want to go old school with a letter, implement a text messaging system. You can have tenants within the community sign up for alerts. That way, the renewal alert sends straight to their phones for an instant reminder. You can also have a portal set up on your website that tenants can access via their phone for easy renewals.
If you have a rapport with some of your tenants, it is not out of the question to speak with them face-to-face. You can pay them a friendly visit and talk about renewing their lease.
In-person contact is the most personable reminder you can offer. Plus, it helps build trust.
Those tenants will feel special, almost like a friend. That feeling could make a world of difference if they are on the fence about moving or staying.
Respond to Inquiries
If your tenants have complaints or requests, listen to them and respond. Show them that you hear their complaints by acting upon them.
If someone needs maintenance, make sure the crew fixes their appliances. Alternatively, if something in your community dissatisfies your renters, see what you can do to solve the problem.
Incentives For Lease Renewals
Research shows that people respond to incentives. If someone's lease is coming up, think about what you can tack on to the lease renewal that makes them want to stay.
Some apartment buildings offer a free accent wall. That is when a crew comes out and paints a wall whatever color the tenants wish.
You can also do things like:
- New ceiling fans
- Gift cards
- Gift baskets
- New carpeting
- One month free
If you run an apartment complex, you can also give them the chance to switch apartments. They could move to a new apartment that matches the same style they currently live in but with newer appliances. You could even have them move to a larger apartment and have them pay their current rent for six months.
Hire a Trusted Property Management Company In NC
As you can tell, there are several ways to incentivize your renter to renew their lease. You can do things like send friendly electronic reminders or meet them face-to-face.
Having a trustworthy and friendly staff helps, too. Hiring a property manager that cares about what tenants need will let your renters know that you care. That will help continue lease renewals for your property.
At Home River, we want to help by offering services provided by our reputable property management staff. If you require a property manager in North Carolina, we urge you to contact us today. We can send someone out to your site soon as possible and answer any questions!