Around two-thirds of renters say they have a good or excellent relationship with their landlord, which isn't bad at all. The odds are in your favor when it comes to tenant retention, which is necessary for steady and sustained income.
However, you probably aren't the best landlord in the world, so there are things you can improve to get those fantastic renters to stay. Otherwise, you might lose these people to your rivals.
If you need leasing management tips, then you're in the right place. Read on for a quick guide that'll create favorable situations.
Have Competitive Rent Rates
When their leases are almost up, tenants start looking around to see if there are cheaper places to go, especially in today's economy. While you want to maximize your profits, you shouldn't raise rent too much, as this will discourage people from staying.
For example, in late 2022, rental prices declined slightly in Tulsa, making the rental market as competitive as ever. The good news was that 68% of renters chose to renew their existing leases instead of relocating, so you can expect that trend to continue.
However, to ensure your great tenants stay put, you should take a look at rental prices in town and stay within that range. And to appeal further to your existing renters, you should offer discounts on their lease renewal. Excellent lease terms will certainly help too.
Have a Pet-Friendly Property
Many people are choosing to expand their families with pets instead of children nowadays. So even if you have loyal tenants, they may want to move out to a pet-friendly property if yours doesn't allow animal companions.
There are several pros and cons of allowing pets, but generally speaking, it'll be a win-win situation for everyone. Your renters don't have to move, they can adopt a new family member, and you can keep turnover low.
Be Proactive With Property Maintenance
Everyone wants to feel safe and secure where they live. If your property's in disrepair, renters will flee your units, even if you've got the lowest prices in town. Plus, if you aren't dedicated to maintaining your property, then future repairs will cost significantly more.
We know that keeping up with property inspections and maintenance requests can be overwhelming, which is why we recommend full-service property management. We can take over these responsibilities and keep your tenants safe and happy, and you don't have to lift a finger.
Foster the Tenant-Landlord Relationship
Investing in tenant relations is the best way to keep outstanding renters in your property. Be transparent about everything that happens and emphasize that you have an open ear for suggestions or concerns.
Most landlords only view their tenants as cash cows, so yours will be ecstatic that you truly value them.
Get Help With Leasing Management
Handling leasing management by yourself can be a monumental task. While it's possible to tackle, wouldn't you rather have a better work-life balance?
By getting assistance with your rental property, you'll be able to keep good tenants and reduce stress. In the long term, this will create a cycle of profits that come easily.
To hear more about property management services, contact PMI Green Country now. We can give you a free rental analysis.