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According to Steadily, the rental vacancy rate in Albuquerque, New Mexico is 7.26%. A long-term vacancy could cost you thousands in earnings every month. Learning how to retain the great renters you already have can improve your occupancy rate.
As you generate more lease renewals, your earning potential will rise. Not sure how to retain renters? Read on for our most effective tenant retention strategies today!
1. Communicate Early
Your current renters won't stay beyond one leasing cycle if you're an unresponsive landlord. Show them that you're available to help the moment they move in. Provide them with multiple ways to reach out.
Otherwise, consolidate communications using an online tenant portal. You can keep track of messages and automate simple responses. From the portal, tenants can:
- Review lease documents
- Receive notices
- Send maintenance requests
- Automate rent payments
- Track repairs
- Review FAQs
When responding to tenants, be kind, professional, and patient. Try to empathize and find a solution to their problems. They'll appreciate your kindness and support.
Engage tenants throughout the year to show them you care. For example, you can send birthday cards and small holiday presents to show your appreciation. Your renters may decide to stay if they feel valued and acknowledged.
Send tenants a 90-day notice before their lease ends asking if they're interested in renewing. Your renters will have time to consider their options. If they decide to move out, you can start marketing the listing right away.
2. Offer Incentives
Keeping renters happy could encourage them to renew their leases. Consider offering incentives for lease renewals. For example:
- Property upgrades (floors, paint, etc.)
- Gift cards to restaurants or stores
- One month of free rent
- Free services (cleaning, landscaping, etc.)
You can also have renters earn additional incentives through a referral program. Reward them as they direct more tenants your way.
3. Maintain the Property
Remember, your renters want to feel cared for and valued. Give them a home they won't want to leave. If you neglect maintenance requests, they won't consider a lease extension.
Respond to maintenance requests in a prompt, professional manner. Keep track of requests to ensure there aren't delays.
4. Be Open to Renewal Negotiation
According to Avail, though it works 25% of the time, most renters don't negotiate lower rent prices when renewing. Remain open to a renewal negotiation to find a compromise that works for everyone.
Your tenants may want a more flexible lease term (such as a monthly option). Others may not want a rent hike.
5. Gather Property Management Advice
Instead of applying these lease agreement tips alone, talk to an expert. Work with a property management company to apply these tenant retention strategies.
A full-service property management company can keep renters happy year-round. Improving satisfaction rates can lead to more renewals. You can retain renters and improve your occupancy rate without stress.
Generate More Lease Renewals in Albuquerque
Generating lease renewals doesn't have to feel complicated. Instead, use these effective tenant retention strategies. Remember, you can always ask for help.
PMI 4U is a full-service property management company. We're committed to adding value through accuracy, honesty, and communication.
Trust our award-winning services and 10 consecutive years in the Top 500. Contact us now for a free consultation.
