If you'd like to make as much money as you can with rental properties, you must know how to get tenants to renew their leases.
Lease renewals allow a tenant to remain at a property after their previous lease ends. Doing so can benefit both tenants and landlords in various ways, but several things must be done before a tenant is convinced.
To ensure you succeed in North Atlanta, this guide will outline all of the main information you need to keep your tenants.
Here's some of the best advice on lease renewals from PMI North Atlanta!
Be Proactive
Getting tenants to renew releases revolves around being proactive. While you shouldn't talk about signing a new lease shortly after receiving a security deposit, you shouldn't wait until the last minute.
About halfway through a tenant's lease, talk to them about their plans. Mention to them that you'd love to have them stay, and ask about ways you can improve as a landlord. Effective tenant communication will make things much simpler, and you'll have an easier time organizing yourself if you need to find a new tenant.
Use a Tenant Portal
Aside from being proactive, you can also use a tenant portal. This is a modern solution that allows tenants and landlords to communicate with one another in an organized manner.
Within one, a landlord can make a variety of announcements, view documents, and manage property accounting. Tenants can also provide feedback, list concerns, and inform a landlord of damages.
Instead of having to send a text or email, a tenant portal keeps everything in one place. By using one, you'll make the life of a tenant easier, thus encouraging them to renew their lease.
Be Open to Feedback
Whether you own commercial or residential properties, you should always be open to feedback from your tenants. If you can make your tenants feel comfortable enough to speak openly with you, you'll have a better time convincing them to renew their leases.
A tenant may provide feedback about a variety of things if they don't, encourage them to do so. You may learn about several things that a tenant would like, such as a rental payment grace period.
Offer Light Rental Property Rules
No tenant wants to deal with a strict landlord, so the rental property rules in your lease agreement should be light if you want to keep them happy.
Some of the best things you can do is allow tenants to have pets and make changes to the property. For example, in a residential property, you can let tenants change the colors of the walls and install new flooring. This will make them feel more at home, and you'll get a rental property upgrade without paying anything.
Get More Lease Renewals With PMI North Atlanta
If you're struggling to get lease renewals, we can provide you with all the assistance you need.
All you must do is use these strategies and work with PMI North Atlanta to better manage your properties. Not only will we take care of various tasks for you, but we'll also ensure that your tenants are happy.
Reach out to us to learn more about how we can benefit you with your North Atlanta property!
