You probably feel ecstatic when you sign a rental agreement for your property in Phoenix, Arizona. The city has seen a decline in poverty and growth in median income, property values, and employment.
However, with so many great options available, what happens when your tenant comes to the end of their lease period? There's always the worry that you'll lose the tenant as they'll find another option.
What can you do to ensure lease renewals? This guide will share the best tenant retention strategies.
Here's what you must do:
Find the Right Tenant
If your property is currently vacant, don't be in a rush to sign the first tenant you meet. You should consider using an outsourcing service to find tenants for you.
These services will help you find a tenant who's best suited for what you're looking for. They'll also try to find tenants who express an interest in staying at your property for a long time. This saves you time when seeking tenants on your own.
Lease Negotiations
If you wish to keep your tenants in the long run, you'll have to accommodate them via the rental contract. Of course, you'll have to adjust the contract to offer you advantages as well.
For example, you can charge a reduced security deposit if your tenants sign a longer contract. You can extend the deadline for their monthly rental payments. Let's say you give them until the 15th day of each month to pay the rent. You can consider extending this to the 20th day.
The more incentives you offer your tenants, the greater the chances will be that they'll want to stay at your property. Don't let them take advantage of you, but make sure they feel they have the best deal at your place.
Be a Great Landlord
Often, tenants will leave not because they dislike the property, but because they have struggles with the landlord! You must work hard to give your tenants the best service possible.
You'll need to understand your legal requirements as a landlord. Violating even the smallest laws is enough for your tenants to leave your property.
Make sure you also communicate with your tenants when needed. Don't go overboard and end up intruding on their privacy. However, it doesn't hurt to ask them if all is well on occasion.
If your tenants have an issue, make sure you attend to it immediately. If you neglect any maintenance responsibilities, it'll convince tenants to leave after their rental period ends.
Increase Lease Renewals
Ensuring lease renewals is tough, but it isn't impossible. Consider outsourcing your tenant process during vacant periods. You've got to make sure that you maintain your property at all times.
Most of all, you'll need to work hard to be the best landlord possible. Whenever you need assistance, you can hire a property manager.
PMI Real Estate Services is the best property management service for new and experienced landlords in Phoenix. We have received many positive testimonials from a wide variety of landlords throughout the city. We look forward to helping you.
