What if you never had to worry about property marketing and tenant screening again? Though these processes are essential, they can become costly over time. You can save money by increasing lease renewals.
Not sure how to keep great tenants? Read on for the leasing management strategies you can use to ensure success!
Prioritize Tenant Screening
Before accepting new tenants, develop a tenant screening process. Screening applicants will help you find reliable renters who pay on time.
Consider outsourcing your tenant screening process. The Consumer Financial Protection Bureau received 26,700 complaints between 2019 and 2022. About 65% of these complaints related to inaccurate information in tenant screening reports.
An experienced property management company can screen applicants on your behalf. They'll gather accurate information to ensure you choose quality tenants.
Choosing reliable tenants can help you avoid stressful situations in the future. You'll have renters you want to retain.
Improve Tenant Communication
Start your tenant retention efforts early. Once you gain new tenants, give them multiple ways to reach out. Ongoing communication can help you avoid misunderstandings.
If tenants can't reach you, they could get frustrated. Ongoing tenant communication will show renters that you care about their living experience.
Consider using an online portal to centralize communications. Provide renters with access to other resources they may need. If you don't use a tenant portal, consider working with a property management company.
They can help modernize your systems.
Use Property Management Software
More property owners are using property management software. This software offers a centralized platform for addressing tenant needs. Tenants and landlords can access:
- Online document storage and sharing
- Financial reporting
- Electronic lease agreements
- Accounting
- Maintenance tracking
Using this software can offer tenants ease and convenience. They won't struggle to gain access to the information they need. Meanwhile, you can operate more efficiently while reducing human error.
Gather Feedback
Ask tenants for feedback about their living experience. You can't make informed changes to how you operate without information. Their feedback will help you make adjustments to improve their living experiences.
For example, tenants may complain that it takes too long to fulfill maintenance requests. They may want you to upgrade outdated windows or AC units.
Use their feedback to boost tenant satisfaction rates. Keeping tenants happy could encourage them to renew their leases.
Make Upgrades
Boost tenant satisfaction rates by offering upgrades and incentives. For example, you can:
- Add a pool
- Offer on-site doggy daycare
- Create a rooftop garden
- New kitchen appliances
Do you offer new renters a month off rent? Consider offering the same incentive to your current tenants. These upgrades and incentives could encourage great tenants to stay another year.
Generate More Lease Renewals in Merced
Don't lose your best tenants! Instead, use these tips to increase lease renewals in Merced, CA. With these tips, you can boost your tenant retention rate to generate ongoing income.
You don't have to implement these strategies alone. Working with a property management company can help you discover effective tenant retention strategies.
PMI Merced is a full-service property management company with 20 years of experience. We use state-of-the-art technology to help clients maximize owner profitability.
We can help you retain great tenants. Contact us today to start strategizing.
