Replacing a resident when they move out of your property costs nearly $4,000. From property marketing to tenant screening, things can get expensive.
To maximize your rental income and protect your cash flow, you need to focus on tenant retention. The more lease renewals you get, the more money you will save.
Keep reading to learn the top strategies for keeping quality residents.
Start Retention Efforts Early
Moving is often a decision that renters think about in advance. If you wait until the last minute to offer a lease renewal, tenants will probably already have alternative plans.
A property manager can become a renter concierge of some sort. Their efforts to check in with tenants from time to time will help your tenant retention.
Ongoing tenant communication keeps tenants happy so that they are likely to renew their lease. Consider high-touch communication throughout the lease duration before offering a lease renewal.
Modernize Your Systems
If tenants have a hard time paying rent or requesting maintenance, they might want to move at the end of their lease. A lot of landlords are implementing tenant portals to modernize their rental system.
Tenant portals allow residents to pay their rent online through various methods, request maintenance, and communicate with the property manager. This also ensures tenants pay rent on time, even if you offer a rental payment grace period.
When you hire a property manager in Goldsboro, NC, they will have property management software that can benefit you and your tenants.
You can also opt to modernize individual units. Enabling smart home devices and keyless entry locks are amenities tenants will enjoy. This simple rental property upgrade will benefit you in the long run.
Gather Resident Feedback
As an owner, you might not know what it's like living in the units. There are little things that might drive a resident crazy.
Start surveying your residents after they've lived on your property for a few months. Ask if there are specific improvements that would make the rental experience better.
Don't just gather this feedback, act on it if it is reasonable. This will show residents that you care about their comfort. Small actions can help you gain more lease renewals over time.
For example, if you currently have a no-pet policy, consider allowing pets in your rentals. Tenants are happier when their pets live with them. Plus, you'll have a wider pool of applicants to choose from.
Get More Lease Renewals With Property Management Services
As a Goldsboro, NC landlord, your goal might be to build wealth through rental income.
You can do this by increasing your amount of lease renewals. You won't have to spend money to find new tenants and can pocket that extra cash.
With the help of property management services, this goal can become a reality. Our property managers at Flagship Realty Group have deep-rooted real estate expertise to cater to your needs.
Since 2007, we have been helping investors like you make better property management decisions. Schedule an appointment with us today to learn more about our services.