Having trouble keeping tenants past the first year lease? You're not alone. One of the top reasons people give for moving is cheaper housing.
With rising rents during a time of economic uncertainty, tenants aren't going to stay just because they're all moved in and comfy. Should you increase the rent, even a golden tenant might get cold feet when lease renewals come. Is there anything you can do to keep an awesome tenant around for as long as possible?
In this guide to leasing management, we discuss the secrets to tenant satisfaction. Stick around for tips on keeping happy tenants in New York City.
Tenants Love Incentives
Put yourself in your tenant's shoes. Imagine what incentivizes them -- or would incentivize you -- to stay. Then do those things.
For example, perhaps your tenant wants to keep a pet. Easing up on a strict no-pets policy would make leaving hard. Otherwise, your pet-friendly competition becomes much more enticing.
Ideas for Incentives
Incentives come in many shapes and forms. Consider trying the following with leasing management:
- Free parking
- Free Wi-Fi
- Reduced rent for signing a second year
- Coupon books for local businesses
Really, the sky is the limit. More than anything, it's the thought that counts. Your tenants will notice if you go above and beyond.
Tenant Relations Are Key
Many tenants may feel their landlord disappears whenever there's a maintenance request. Don't be the landlord who only communicates with tenants when rent is due. Instead, be a friendly, prompt, and attentive landlord who actually cares.
Take their correspondence seriously, giving them an answer as soon as is reasonably possible. Treat their concerns as you would treat your own. They'll notice if you go the extra mile to take care of them, and reward you with another year of tenancy.
Go Easy on Rent Increases
Efficient rental operations demand money above all else. Still, avoid being a cold, heartless machine that doesn't care about the financial situation of your tenants.
When it comes time for rent increases, try to be reasonable. Don't prioritize your bottom line over a tenant that treats you right. If they leave, the new tenant may not be so great -- and may end up costing you more money.
Get an Online Portal
The best thing you can do is make things as easy as possible for the tenant. Many businesses have discovered that people will pay extra for convenience. In a similar vein, tenants may feel a rent increase is worth it if it's easy to live there.
The simplest way to do this is with an online portal. Think of this as a hub for your contract, maintenance requests, and rent payments.
People love being able to do things online, in seconds. They may not be willing to give that up to go to your competition.
Get Help with Leasing Management
The key to keeping great tenants is with careful leasing management. Focus on incentives and build a strong, friendly, professional tenant relationship. Be careful how much you increase the rent and make it easy to pay with an online portal.
PMI Paramount in New York City helps you keep golden tenants for longer. Customer testimonials glow about our friendliness, professionalism, and prompt service. Get a free rental analysis and find out what you could earn.
