Even if your rental is in a high-demand area, it saves you time and trouble to keep renters on for as long as possible. Review these six tips for getting your tenant to renew their lease!
- Make your Tenants Proud of the Property
Even before their renewal is due, make plenty of upgrades, and keep on top of maintenance to make them feel proud to live there, and proud to bring their friends and family. Things like keeping lawns groomed are basic, but don’t just maintain: strive to improve! Planting flowers or painting rails go a long way!
- Easy Renewal Processes
Renewing should not be a long ordeal, so be sure you have necessary paperwork or documents available when the tenant is ready to renew.
Protip: Catch up with 2017 and make renewing online the new norm!
- Offer Strategic Incentives
Sometimes your tenants may require more the fact that they live in the coolest rental ever to renew their lease. Offering a free month of utilities or a one-time cleaning service could help push doubters over the edge. Check out Five Ways to Make Tenants Feel Appreciated for more ideas.
- Don’t Appear Desperate.
Offering to pay for upgrades or a cleaning service a month or two before the renewal is due can be just as effective as offering those services as a direct incentive to renew. This shows your tenant that you care about the quality of their rental just as much as you care about their renewing.
- Assume Renewal
Avoid phrases like “are you going to renew your lease?” That plants doubt. Go for more optimistic lines such as “It’s time to renew your lease!” or “When would be a good time for me to stop by so I can help you renew your lease?” If you have an online way to renew the lease, send a quick text or email with the link attached.
- Start a Loyalty Program
No matter how few rentals you manage it’s never too early to start a rewards program for your loyal tenants! Show them the loyalty program the day they decide to sign on, and remind them of it periodically. Your loyalty program should include renewing incentives and referral rewards.
Also published on Medium.