For landlords, the task of acquiring new tenants is only half the job. You also aim to keep the ones you have. Retaining tenants and renewing leases gives your business long-term security, guaranteeing your units are filled and revenue is stable.
Long-term renting also encourages healthy, genuine relationships with tenants. If you demonstrate loyalty and consideration to your tenants, they are more likely to show loyalty to you by renewing their lease.
So how do you go about retaining your best tenants? One strategy is to build and sustain a superior tenant experience. Naturally, this experience will depend on your business management and the tools you use. Property management software, for instance, is an attractive feature to tenants while offering organizational excellence beneficial for all parties.
Here are a few ways to retain tenants and renew leases with property management software.
- Provide a Professional Experience
Practicing a professional tone and attentive attitude toward each of your tenants goes a long way when it comes time to renew leases.
However, you won’t always get the chance to speak to your tenants when they’re interacting with your day-to-day business management. For example, you may have maintenance staff who handle utility or amenity concerns. It’s a good idea to touch base with tenants after the problem is resolved, but professionality is imperative throughout.
Property management software is a tool designed to create professional experiences during all stages of tenant management. Software provides reliable procedures for paying rent and getting maintenance help, which boosts tenant confidence in your business.
Property management software also demonstrates that you are versatile with technology and can adapt to a variety of tenant needs. You never want to give the impression of disorganization.
Professionalism is a major component of tenant experience, and property management software can help you achieve it.
- Communicate Effectively
Tenant communication is another pillar of building relationships and renewing leases. Tenants who feel heard and are confident they can get help when they need it are more likely to stick around.
Instead of providing your personal contact info, try using the chat feature on property management software. Supported on almost every platform, the chat feature serves as a centralized place to send and receive tenant messages.
This way, you won’t have to dig through your inbox every time you want to refer to a specific detail from a tenant conversation. Chat features are perfect for focused communication. You and your tenants can get straight to the information you need without hassle or delay.
- Screen Tenants
Sometimes, retaining tenants translates to choosing the right tenants in the first place. This is where tenant screening comes in.
By selecting well-qualified, trustworthy tenants, you set yourself up for success. Be on the lookout for tenants with sustainable income, solid credit histories, and clean background checks, as these tenants are good candidates for renewing.
If an applicant appears to be looking for a long-term residence, make your properties as attractive as possible to them. Long-term tenants are invaluable to your business. If you can offer them top-tier housing and rental stability, these tenants are more likely to choose your property and renew their lease for years to come.
- Be Willing to Negotiate
If you have a loyal tenant you’d really like to keep, it’s often worth negotiating rent prices or lease terms. Replacing a tenant can be risky. There’s no guarantee you’ll secure a tenant of the same quality, and even if you do, they’ll need to get familiar with all the rules and expectations you’ve established for your property.
Instead of turning over a property, it may be better to negotiate with tenants. When negotiating, weigh tenant requests for lowered rent or specific repairs with the costs of replacing the tenant. Tenant turnover involves expensive screening and repair costs, and don’t forget that you won’t be generating rent revenue during vacant periods.
Often, you’ll lose more money with a 2-3 month vacancy than you will by making a small compromise for a loyal tenant.
If you find yourself in this situation, don’t forget that your property management software can always be reconfigured to match the new terms. You can alter lease documents and rent agreements, and create addenda or amendments.
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Achieve Long-Term Security with Property Management Software
As you grow your business, property management software adapts to your needs. Whether you are able to retain tenants and renew leases or need to turnover units, software is your tool for long-term rental business security.