Did you know that, in the U.S., nearly 60% of leases are only for 12 months? About a third are month-to-month. The rest are some other length, many of which are likely longer than 12 months.
The last one is what you want for your rental property in Raleigh, NC. A good enough reason is that you could spend nearly $4,000 to replace each tenant who leaves.
Effective leasing management practices can help you reach that goal. With these, you can keep your tenants happy enough to agree to a lease renewal.
This guide discusses those strategies in more detail, so read on.
Address Tenant Concerns Promptly
According to experts, housing quality may affect physical and mental health. For example, poor air quality and mold can contribute to chronic disease development. There's also an association between cold indoor conditions and depression.
No one wants, nor do they deserve, to live in such poor housing conditions. This is why tenants leave landlords who fail to address their housing woes promptly.
Since you want to and must keep your great tenants happy, be responsive to their needs. Reply to their messages if not on the same day, at least within 24 hours. If it's about rental property repairs, schedule them as soon as possible.
Better yet, consider hiring a full-service property management company. These companies specialize in overseeing rental property maintenance and repairs. You can rely on them to keep your property safe and comfy for your tenants.
Consider Your Tenants' Needs and Wants
One way to improve tenant communication is to ask them what they like or dislike about your policies. Since this is a sign that you care about their wants and needs, it can make them more appreciative of you.
Let's say you have an existing no-pet policy in your investment property. With 70% of U.S. households having pets, your tenants may want one, too. But since you don't allow them, this may be enough for your tenants to consider moving out.
In that case, it may be time to revise your policy to prevent losing your excellent tenants. Besides, you can hire a property manager to help with pet policies. They can insure your property for certain types of pet-caused damage.
Invest in Leasing Management Services
Reputable property management companies also offer leasing management services. These include everything lease-related, such as:
- Advertising your property in Raleigh, NC
- Screening potential tenants
- Executing lease agreements
- Communicating with tenants
You can also rely on these experts to help you decide on the best tenant incentives to offer. As they directly communicate with tenants, they can tell you what your renters want.
Happy Tenants Stay Longer
Remember: Replacing tenants who leave can cost thousands of dollars. That's why you should do your best to keep the best ones happy, so they'll want to stay as long as possible. Addressing their concerns promptly and considering their wants/needs is a good start.
Our team here at PMI Triangle can further simplify things for you. We provide high-quality property and leasing management services throughout Raleigh, NC. Speak with us today to learn how we can help you make the most of your rental property!
