The rental vacancy rate in Arizona has increased to 6.2%. If your rental properties are remaining vacant, you won't make money! Increasing lease renewals is an easy way to generate ongoing revenue.
Not sure how to retain great tenants? Use these effective tenant retention strategies. With these tips, you can avoid spending resources on marketing your vacant units!
Start Tenant Retention Early
Start your retention efforts early. When you attract new tenants, provide them with multiple ways to reach you. Ongoing communication can help you avoid misunderstandings or frustrations.
If tenants struggle to get in touch, they may recognize you as an unreliable landlord. They may decide not to renew their lease.
Instead, modernize your systems and give tenants multiple ways to reach out. You can streamline communications using an online tenant portal.
Give tenants a 90-day heads up when their lease agreement is about to expire. Giving them enough time to consider gives you time to market the listing if they don't renew.
Gather Feedback
Ask tenants for their feedback. Determine where you can make improvements and start making changes as soon as possible.
As you make changes, tenants will recognize that you care about their living experiences. They may decide to stay if they recognize you as a caring landlord.
Ask your happiest tenants to share their reviews online. Positive reviews can boost your reputation. Future tenants may feel more inclined to trust you after reading a positive review.
Make Strategic Upgrades
Give yourself a competitive advantage in Rogers, AZ by making property upgrades. Choose upgrades that boost your property value. Some of the best upgrades for improving your return on investment include:
- Painting
- Fresh landscaping
- New flooring
- Kitchen appliance upgrades
- Bathroom upgrades
Don't forget to listen to your tenants. They may recommend upgrades you haven't considered.
You can boost your tenant retention rate by offering incentives. For example, you can add a gym to your building or upgrade their appliances. Consider offering tenants a gift card or a month off rent.
These incentives will show them that you care with a personal touch. They could feel more inclined to stay.
Hire a Property Management Company
You don't have to develop your tenant retention strategy alone. Consider hiring a property management company. An experienced company can act as a neutral third party to improve tenant relations on your behalf.
Your property managers will respond to tenant requests in a timely manner. Happy tenants are more likely to renew! With help, you can retain great tenants long-term.
Boost Lease Renewals in Rogers, AR
Increasing lease renewals can help you avoid long-term vacancies. Instead, you can generate revenue by maximizing your occupancy rate. Use these tips to convince your great tenants to stay!
Remember, you don't have to apply these lease renewal strategies alone. Hiring an experienced property management company can save you time and money.
PMI Heritage is here to help! We have almost 20 years of award-winning industry experience. We help owners maximize their earning potential using state-of-the-art technology.
We can help you retain tenants. Contact us today to start strategizing.
