• Ways to Insure that Your Tenants Happily Renew Their Lease Ways to Insure that Your Tenants Happily Renew Their Lease

    0 comments / Posted on by Steven Rivera

    Ways to Insure that Your Tenants Happily Renew Their Lease

    Create Your Lease Renewal Strategy

    While your focus is on giving tenants what they want, being professional, and responding quickly to maintenance tickets, you might still see a parade of tenants leaving. A lease renewal strategy can help you keep tenancy rates up, and avoid losses.
    Hopefully you already have some tools to help you know who is showing signs of leaving. Because once they’ve made the decision, it may be too late to react. Reaction in business is never good. Proactively keeping tenants is your foremost task and this post might be a big help.

    Real Value

    Renewing leases is a whole lot cheaper and less time consuming than trying to acquire a new tenant.  The cost tenant turnover can be steep.  Consider 1 month of lost rent, cost of ads, time to show the unit, clean the unit, renovate or fix, along with onboarding, and it could equal 2 months rent at least.
    Think about your tenant retention strategy. Consider these points below, and then create an action plan that works for you. That’s a plan that will survive.

    Continuous Support 

    Your ongoing tenant communications strategy starts right when they move in. If you continuously communicate and reinforce your unique value proposition, tenants get a laser clear idea of why they should stay put.

    And tenants do leave unwisely. They get seduced by other property managers and developments and about feeling better in a new location. Hopefully, when you get feedback, you’ll learn about which apartments/developments they feel are better than yours.

    ...

    Create Your Lease Renewal Strategy

    While your focus is on giving tenants what they want, being professional, and responding quickly to maintenance tickets, you might still see a parade of tenants leaving. A lease renewal strategy can help you keep tenancy rates up, and avoid losses.
    Hopefully you already have some tools to help you know who is showing signs of leaving. Because once they’ve made the decision, it may be too late to react. Reaction in business is never good. Proactively keeping tenants is your foremost task and this post might be a big help.

    Real Value

    Renewing leases is a whole lot cheaper and less time consuming than trying to acquire a new tenant.  The cost tenant turnover can be steep.  Consider 1 month of lost rent, cost of ads, time to show the unit, clean the unit, renovate or fix, along with onboarding, and it could equal 2 months rent at least.
    Think about your tenant retention strategy. Consider these points below, and then create an action plan that works for you. That’s a plan that will survive.

    Continuous Support 

    Your ongoing tenant communications strategy starts right when they move in. If you continuously communicate and reinforce your unique value proposition, tenants get a laser clear idea of why they should stay put.

    And tenants do leave unwisely. They get seduced by other property managers and developments and about feeling better in a new location. Hopefully, when you get feedback, you’ll learn about which apartments/developments they feel are better than yours.

    ...

    Read more