As a landlord, you need to take care of several important matters related to your rentals. One of these important matters includes getting your tenants to renew the lease. This has multiple benefits. When you renew the lease with a tenant, you do not have to invest in marketing and holding your property, and you get to save a good deal of time, effort, and energy to find new tenants. But how does one get their tenants to renew their lease?
The underlying idea is to make your tenants stay in your rental for as long as possible by creating favorable situations for them, earning their goodwill, and maintaining healthy, professional terms with them.
Here is an easy guide to help get you started.
5 Ways to Get Your Tenant to Renew the Lease
Here is a list of five simple steps that you as a landlord can apply to get your tenants to renew the lease:
- Be Regular With Maintenance
Your property is the core reason why someone chose to live in there. Never let that experience and desirability fade away. Be generous and thoughtful enough to get maintenance work done regularly so that your tenants continue to like living in your property and hold a positive image of you as their landlord. Offer a full run of maintenance every six months or annually, depending on your property’s condition. Or at the very least, plant some flowers in the front yard, get the front face of the house, and the mailbox repainted.
- Offer Incentives
Focus on creating value for your tenants as they are always plenty of other rentals around, so you want to retain your tenants by giving them added advantages. You can start by offering a discount if your tenant agrees to sign a two-year lease or get a room repainted free of cost as an incentive for completing the term.
- Address Their Complains And Concerns
Whether it’s a lousy neighbor, noise from your house, or a plumbing issue from the backend of your house’s water system- do not delay addressing complaints and any concerns your tenant has. If there is a glitch with the main door’s lock, get it fixed ASAP, ensuring your tenants safety and protecting you from any form of legal action. Show them that you care.
- Be Professionally Lenient And Offer Grace
Rentals are largely about professionalism but never tyranny. Be lenient in your conduct and dealings with your tenant while remaining professional and honoring boundaries. If you are going unreasonably harsh with your tenants just because you are the boss, then your tenant may be looking out for a better landlord and run away from you as soon as they can. It is also recommended to allow a grace period to your tenants for rental payments.
- Be Clear About Everything For Mutual Benefit
When you are clear, crisp and upfront of all the dos and the don’ts regarding your property at the beginning of your contract, life becomes easier for all the parties involved. Making things clear at the start keeps the possibility of future conflicts and misunderstandings at bay and avoids all the nasty blame-game. Clearly defining terms that both parties mutually agree upon creates high probability of renewals.
As a landlord, if you like your tenants and want to retain them, it is in your best interest to do things that help create value for them, give them a good time and initiate positive gestures that will always makethem want to stick around.
For top leasing and other property management services, contact Sensible Home Management today.