Are rental property vacancies costing you a lot of money? Finding and screening tenants fast is a great solution, but there's an even better one.
You can release the stress of finding a new tenant completely by gaining more lease renewals. A lease renewal offer to a quality tenant can keep you and the tenant happy.
Keep reading to find out how to get tenants in Charlotte, North Carolina, to renew leases.
Implement Modern Practices
Not getting a lease renewal could come down to how tenants pay rent. If it's inconvenient to pay rent or if you don't offer various payment methods, a tenant might be forced to look elsewhere for housing.
Implement modern practices for collecting rent. Tenant communication is key here. Find out how they would prefer to pay rent and consider their ideas.
A tenant portal is a great option for efficient online rent payments. A portal will do all the work for you and tenants can set up monthly reminders automatically.
A tenant portal will also offer beneficial tools like an automatic rental payment grace period and easier rental property maintenance.
Respond Quickly to Maintenance Requests
Rental property maintenance can make a tenant feel more comfortable in their space. If they continuously have to deal with HVAC issues or pests, they won't be likely to renew.
In instances where maintenance problems are always occurring, consider a rental property upgrade. This can save money in the long run.
Additionally, landlords must stay proactive about maintenance. Always respond quickly to tenant maintenance requests. Hire professional contractors to ensure the job is done right.
A property manager can handle maintenance coordination for you. They can also complete regular rental property inspections to catch issues and nip them in the bud.
Offer Promotions and Concessions
To compete in a strong Charlotte rental market, you might have to offer promotions. New apartments are popping up everywhere. If you aren't making upgrades, promotions might be the only way to gain traction.
Many owners have resorted to offering rent concessions. For example, you can offer one month free of rent for a lease renewal within a given timeframe.
Starting retention efforts early is a great way to lock in commitments before tenants have time to look elsewhere.
Plus, renters don't often move without thinking about it ahead of time. Moving requires a lot of planning. Get your lease renewal offer in early to give yourself some time to find a new tenant if they don't accept the offer.
Lease Renewal Strategies to Consider
Hiring a property management company is the best way to implement these lease renewal practices and stay up to date with real estate market trends.
PMI Amazing Spaces is a full-service property management company that can help you stay competitive. We provide residential and commercial property owners in Charlotte with the tools and resources they need to succeed.
We can screen tenants and hand-pick those most likely to renew in the future. We guarantee a quality tenant in 21 days or we waive the first month of property management fees. Contact us today to get started.
