Summer is just around the corner, and for many people, that means that their lease is up. Most tenants will be faced with the question of whether they should move out or whether they should renew their lease.
Getting your tenants to agree to lease renewals can be hugely beneficial for your property. It helps you avoid managing new lease negotiations and keeps good tenants in your buildings.
If you're interested in learning how to effectively manage tenant relations so they can't refuse a lease renewal, we've got you covered. Here's how to drive a lease renewal with your favorite tenants.
Talk to Your Tenants Early
One of the simplest secrets for managing leases and driving lease renewals is simply speaking to your tenants early. Many landlords wait until a month or two is left to get an idea of how their tenants feel about renewing their leases.
Instead, you need to consistently communicate with and touch base with your tenants. This makes them feel well-cared for and supported by your company, and makes them more likely to renew.
You should check in a few days after tenant move-in, a few weeks after they've settled, and every other month after that. This helps show them that you're interested in communicating with them and keeping them satisfied.
Listen to Tenants' Feedback
Another important way to drive lease renewals is to listen to what your tenants are saying. When you get a chance to connect with your tenants, be sure to ask them if there's anything that you can do to help them.
Speaking with them regularly helps keep communication lines open and shows them that you're interested in their well-being. And, acting on what they have to say shows that you really do care about their comfort and happiness at your property.
There are plenty of move-in incentives that apartments will offer new tenants. However, just think about what offering those incentives would do if you made them available to current tenants!
For example, try offering current tenants a month of free rent if they renew their lease. This can help sweeten the deal and make them more likely to sign on for another year in your complex.
Afterward, take things a step further by sending a thank you card. Going the extra mile and thanking your tenants for sticking with you shows once again how much you care and makes them feel good about accepting your special offers.
Study Your Competition
Part of what makes the way you treat your tenants stand out is by comparing and contrasting it to what other apartments are doing. Knowing what your competition is doing helps you better care for your tenants and offer them better rewards.
For example, if your competition is checking in with its tenants every two months and you're only doing it once a year, it can make it less than appealing for tenants to stick with you.
Keep track of what your competition is doing and use that to guide your own decisions. This can help you bring real value to the tenants that you have and encourage them to renew their lease with you.
Get Your Tenants to Sign Their Lease Renewals
By keeping these tips and tricks in mind, you should have no trouble getting your tenants to sign their lease renewals. They'll help ease tenant conversations and improve tenant relations.
If you need assistance keeping your property functioning at its finest, look no further than Home River Group. Contact us to learn how our property management services can help you!