With its excellent public schools, parks, and many cafes and restaurants, it's no wonder Niche.com ranked Plano, Texas, fifth overall in its "2024 Best Cities to Live in America" list, per Fox4News.com. Niche also mentioned how the city is "good for families."
With those recognitions, the Balloon Capital of Texas will likely welcome more new residents, including your soon-to-be tenants.
However, as a Plano landlord, you should aim to attract new quality tenants and keep them as long as possible. For this, you need effective leasing management strategies.
The rental management experts at PMI LegacyPro have shared property leasing tips to help you get started, so read on.
Outsource Your Tenant Screening Process
Finding renters for keeps is one of the first steps to effective leasing and tenant management, as you wouldn't want to keep renting out to people who can't pay rent on time, would you? So, consider hiring professionals for tenant screening. They'll use their expertise, technology, and the following to find and place quality tenants you'll want to keep:
- Income and employment verification
- Credit score and report assessment
- Rental and eviction history review
- Criminal background and conviction checks
Professional tenant screening lets you select tenants most likely to pay rent on time. You can also rest easy knowing your renters are of good moral character and won't endanger your property, neighbors, and the community. In short, they're the tenants you'd want to keep instead of filing a Plano eviction case against.
Offer Lease Renewal Incentives
Incentivizing lease renewals can help encourage tenants to stay in your property longer. Here are some ideas:
- Offering small rental discounts for the first few months
- Reducing security deposit requirements
- Giving tenants gift cards for products and services they need or care about
Another good idea, which can also help you improve tenant communication, is to ask renters themselves if there's anything (reasonable) they want. For instance, they may wish for property upgrades and updates, like intelligent thermostats or smart home security devices. Acquiesce to these requests, as they can improve your property's value anyway.
Welcome Pets
Pet-friendly housing is now the number one priority for many renters. A Zillow study found that nearly six in 10 renters own pets, per RealFacts.com.
Since not all rental properties allow pets, welcoming them to yours can expand your tenant pool. You'll have more prospective tenants, and once they start renting out your property, they're more likely to stay longer. After all, they know how challenging it can be to find another home as welcoming to their pets as yours.
Boost Lease Renewals With These Leasing Management Techniques
Outsourcing tenant screening, offering lease renewal incentives, and welcoming pets are all effective leasing management strategies to help you find and keep quality tenants. So, if you have yet to implement them, today's the best day to start.
PMI LegacyPro can provide the expert guidance and assistance you need to manage your rentals in Plano, TX. We're a family-run property management firm headed by Brenda Thompson. She's a licensed broker with over two decades of real estate experience, one of the best realtors, per D Magazine, and a 5-star real estate professional, per Texas Monthly Magazine.
Connect with us today to request your complimentary property analysis and learn more about what we can do for your Plano rentals!
