Is your Chester County rental not making as much profit as it could? In most cases, this is a knock-on effect of gaps between tenancies.
See, tenant turnover can be a huge money sink. On top of having the rental sitting vacant, you'll need to invest in advertising it to new tenants. And without a solid tenant screening plan, those tenants may not be a great fit.
The solution is simple enough: get your existing tenants to stick around. Here are some tips that will get them to agree to lease renewals!
Talk to Tenants Early
To renters, moving is seldom a snap decision. Despite that, many landlords wait until the last minute to talk to them about renewing the lease. This gives tenants time to poke around the market for a better situation.
You should get ahead of this search as much as you can. For best results, engage in the renewal strategy at least 90 days before their lease expires. If they're set on leaving, you still get a head start in advertising the rental!
Modernize Your Rental
New generations of renters are more tech-savvy than ever. Most of them expect to be able to pay rent online. They enjoy the convenience of smart home devices, from keyless entry locks to smart thermostats.
This is why integrating more technology into your rentals is a great way to make tenants want to stay. These days, modernizing your rental is a cheap investment compared to the value it brings.
Advertise Wisely
As more rentals become available in Chester County, you may need to offer rent concessions to stay ahead of the game. For instance, many landlords advertise "one-month free rent" deals to fill vacancies quickly.
The problem: these deals could turn existing tenants away. If you're offering concessions to new tenants, why not do it for renewing a lease? A property management firm can help you figure out which promotions to offer.
Gather Resident Feedback
Tenant communication is the bedrock of all landlord-tenant relationships. This is particularly important when it comes to feedback. You may think you know the ins and outs of your property, but you're not the one living in it.
To ensure your tenants are happy with the rental, get their feedback once in a while. Ask them about specific improvements they want to see. If there are any tenant complaints, respond to them as quickly as possible.
Make Strategic Upgrades
The more competition you have, the more important it is to invest in strategic upgrades. Conduct rental property inspections to figure out how to upgrade the property without increasing the rent (too much).
For example, does the rental include a basement you don't use? Consider transforming it into a storage space! And if you have some outdoor space, building a patio is a good way to add functionality to it.
Lease Renewals Made Easy
No matter what you do, some tenants will inevitably leave. This doesn't mean your tenant retention efforts aren't worth it! Putting the above tips to use should help keep your turnover rate more manageable.
Looking for professional help in getting those lease renewals? If you live in Chester County, our experts at Key PA Property Management can help! Contact us now to see what we can do for you!
