Being a good person will only get you so far as a landlord when it comes to keeping your tenants when their leases run out through a lease renewal. A strong tenant-landlord relationship is essential to maintaining tenants when their leases are up. But how do you get to that point?
You have to continue showing up for your tenants when they need you to. You'll also want to avoid these common mistakes that some landlords make when they start renting out properties.
The way that you interact with your tenants will tell them how you really feel about them. If you are a positive light in their life, they will want to continue living in your rental property. If you aren't a reliable landlord, they may start looking for a new apartment before you even have the chance to renew the lease.
Continue reading to learn how to make sure that your best tenants will want to sign a lease renewal.
Prioritizing Maintenance Calls
The key to keeping tenants in your rental property is by being there when they need you. Your tenants are going to need your help when problems arise, such as:
- Appliances breaking down
- Pipes bursting
- Pilot lights going out
- Water heaters malfunctioning
When you get the call that something is wrong, be sure to make repairs a priority in your busy schedule. When these issues are resolved quickly, you will have happy tenants who feel like you have their backs.
Be Willing to Negotiate
When a tenant's lease is coming to an end, it's possible that they feel like they have to move to make things more affordable for them. The way you react when your tenants come to you with questions about a lease renewal or negotiations about the rental is essential in getting them to stay.
You might consider advocating for longer leases at a discounted rate. Or you might be able to offer them a cheaper apartment if you have one available.
Be Proactive About Lease Renewal
Don't wait until the last moment to bring up lease renewal. Not only is it stressful for you, but it's also stressful for your tenants who may want to stay but feel that they have no choice but to leave. They may make other arrangements before you get around to drawing up a new lease.
Lease Renewals Are Simple
Lease renewal doesn't have to be complicated. When you take care of your tenants, they will want to continue living in your rental property.
You don't have to do it all alone. If you find that you are struggling to manage your tenants, your leases, or your properties, you might consider hiring a property manager to take care of it for you. A property manager will be able to screen new tenants, make repairs, and collect rent for you while you balance your career and your family as well as self-care.
Contact Avalon Realty & Oaktree Management for more information about our tenant screening processes and property management services.