As a landlord, you work hard to find ideal tenants, carefully defining your target group and marketing to those tenants until the home or apartment vacancies are filled with people you trust will take good care of your property. Quality, long-term tenants are worth their weight in gold, so it’s important not only to get these tenants, but also to keep them. Here are some tips you can use to increase your chances of lease renewals when you have great tenants you want to keep for years to come.
- Be an Attentive Landlord
When your tenants contact you with a question or concern about the property, address it promptly. Send Holiday cards, regular property updates and other forms of communication showing your tenants that they are important to you.
- Be Proactive About Maintenance
A well-maintained property is a comfortable property, and one that tenants will be pleased to stay in. Consider scheduling routine maintenance for major systems to show that you are interested in keeping the property in great condition.
- Ask What Would Make Them Stay
If you have great tenants, don’t be afraid to ask what it would take for them to renew their lease. About 90 days before the lease is due, ask what you need to do to keep them satisfied. It may be something as simple as painting the bedroom a new color to match their changing decorating tastes. Offer to make this change right away, and you may find the lease extension agreement is forthcoming as a result.
- Provide Incentives for Long-Term Tenancy Agreements
Some tenants know they won’t be moving in the near future. Offer a financial incentive for a long-term tenancy agreement, and you may not have to chase that lease renewal every year.
Remember, if you have great tenants, getting them to renew their rental agreement is one of the most cost-effective ways to make your property profitable. If you are looking for additional landlord tips to help you make the most out of your rental property, or for other tools designed specifically for landlords, check out the services offered through American Apartment Owners Association.