Within a single year, nearly 63% of renters renewed their leases. How many of your renters renewed last year? Generating more lease renewals in San Mateo, CA can boost your ROI.
You won't have to worry about the cost of marketing, vacant units, or tenant screening. Not sure how to encourage more renewals? Read on for the strategies you need for retaining great tenants!
Nurture Relationships
Start nurturing a strong tenant-landlord relationship the moment renters sign their lease agreement. Show tenants that you care about their needs. They'll be more likely to stay if they consider you a cooperative, friendly landlord.
Make it easy for tenants to reach you when they have inquiries or concerns. Consider using an online tenant portal to streamline communications.
When tenants reach out, be respectful, professional, and patient. Over time, they'll come to trust you.
When a tenant's lease is about to lapse, send a 90-day notice (your tenant portal can automate these messages). Providing an early notice will encourage them to consider their options.
Remain willing to negotiate. About 25% of renters are negotiating rental rates when it's time to renew their leases. You can make back these lease renewal fees if you retain renters.
Prioritize Rental Property Maintenance
Tenants won't want to renew their leases if the property is starting to crumble. Invest in ongoing rental property maintenance. Schedule routine inspections to spot problems before they get worse.
Allow tenants to submit maintenance requests online. Try to fulfill these requests as quickly as possible. The longer they have to wait, the more annoyed they could become.
Offer a Rental Property Upgrade
Offer a rental property upgrade to encourage renters to renew. For example:
- Open floor plans
- Doggy daycares
- A gym on-site
- A fresh coat of paint
- Energy-efficient windows
- New kitchen appliances
- Smarthome technology
Talk to your tenants. They can help you recognize what your rental property is lacking.
Consider Tenant Incentives
Encourage more lease renewals by offering tenant incentives. For example:
- Cash gifts
- A gift card to a local shop or restaurant
- A month off rent
You can offer free or discounted amenities and services. Consider a free cleaning service, Wi-Fi, or pet care.
Start fostering a stronger sense of community. Host charity drives, barbecues, and movie nights. Send birthday cards, welcome baskets, or holiday cards each year.
Simplify the Lease Renewal Process
Make the lease renewal process as easy as possible for your tenants. Use your online tenant portal to send the renewal agreement.
You can outsource this process to a property management company. Your property manager can foster strong tenant-landlord relations on your behalf. Their proven strategies can help you generate more renewals.
Generate More Lease Renewals in San Mateo
Increasing lease renewals in San Mateo, California will help you maximize your earning potential. Use these effective strategies to keep your best tenants. Otherwise, ask for help.
At Five Star Property Management, we pride ourselves on our attention to detail. We can take your rental properties to the next level using proven strategies.
Leverage our extensive knowledge and industry experience! Contact us for help generating more lease renewals.