According to research by ICT, 50% of renters aren't renewing their leases, which is terrible news for landlords.
Vacancies mean less profit and lead to costly maintenance issues as there is no regular upkeep. However, you can prevent vacancy rates from affecting your investment by getting creative when retaining tenants.
If you're struggling in this department, we've got you covered. Here are some creative rental leasing strategies to try.
Create a Game Plan Early
When you're brainstorming lease renewal ideas, the key is to start early. As soon as your first tenant moves in, show you care by regularly communicating and taking their feedback on board. If you don't have time to reach out, contact property management services in Plano, Texas and they will do this for you.
Invest in Your Property
Get in the habit of funneling your earnings from rental income back into the property. The beauty is that you needn't spend on fortune to improve the unit while growing its resale value. Common upgrades include:
- Repainting the property
- Replacing old appliances
- Installing new floors
If you're stumped for inspiration, ask the current tenants for suggestions. Once you take their feedback on board, they are more likely to renew the lease as it shows that you value them.
Deal With Maintenance Requests ASAP
Wear and tear is inevitable when renting out a property, but don't let requests pile up. Make sure that you respond to maintenance requests promptly to protect your property and keep tenants happy. This is an effortless way of increasing the chances of a lease renewal.
Be Flexible
A creative way to extend rental lease terms is by offering flexibility. Flexible lease agreements let tenants control the length to suit their preferences. Traditional lease agreements are 12 months, but this doesn't accommodate everyone's lifestyle.
In a flexible lease agreement, landlords can decide to offer leases that last:
- Monthly
- Annual
- Two-year
Being flexible will appeal to more tenants as it shows you're willing to negotiate.
Accept Pets
Around 72% of renters have pets yet struggle to find pet-friendly accommodation. This is where you come in. By accepting pets, you grow the applicant pool and retain tenants because they're less likely to move once they have found a pet-friendly place.
Hire a Property Management Company
As a landlord, you can't always whip out creative lease renewal strategies because this likely isn't your main job. Because of this, many landlords hire property management services.
Work with a property manager to screen tenants and communicate with them throughout the lease so they're happy. These professionals will also handle daily tasks and brainstorm ways you can maximize your rental income so it's a worthwhile business venture.
Try Our Creative Rental Leasing Strategies Today
Once you have these rental leasing tips in your arsenal, tenants will renew their contracts and your property will be cared for. The key is to be proactive, whether it's accepting pets or taking feedback on board, show tenants that you care.
At PMI Legacy Pro, our award-winning team knows what it takes to care for properties in Plano, Texas. Thanks to years of experience, we handle daily tasks to keep both tenants and landlords happy.
If you're interested, drop us a line to chat with a representative.
