Would you like to maximize profits in real estate? If so, knowing how to get lease renewals is a great way to do so.
When your tenants renew their leases, you can avoid having to list your property online, screen tenants, and set new rates. This ensures your property generates steady revenue, but few investors know how to approach the process.
Fortunately, PMI Property Management can teach you all about the best lease renewal strategies to ensure you earn as much as you can with your properties.
Here's how to get tenants to renew leases in Seacoast, NH!
Be Communicative
One of the best lease renewal strategies is to have good communication skills with tenants, regardless of whether you own commercial or residential properties.
Consider offering various lines of communication to tenants, which will ensure they can contact you whenever they need something. This will not only help you avoid various issues, but they will also feel more comfortable at your property.
For example, if something stops working properly, like a furnace, you can avoid further damage to other components if a tenant can quickly inform you of the issue.
Solid tenant communication will also prevent you from surprising them if you need to do something, like conduct a property inspection. Any time you need to visit the property, inform them well in advance so that they can prepare accordingly.
Use Property Management Software
Another way to get tenants to renew their leases is by using property management software, like an online portal. This type of software lets you handle tenant rent collection, view documents, and notify tenants of changes.
Having an online portal can ensure a tenant stays up-to-date with what you do to a property. For example, if you conduct a property inspection and notice that several things need repairs, you can upload a message about them that tenants can view at any time.
Property management software also makes communicating with a property manager easier. For example, if your property manager is handling tenant screening, they can upload information about applicants they think would suit your property. If a potential tenant is compatible, getting them to renew their lease later may be easier.
Invest in Regular Maintenance
Rental property maintenance is a crucial part of keeping your property in good shape while satisfying tenants. By investing in regular maintenance, you can not only save money, but you will also avoid disrupting tenants.
Some of the best maintenance tips we can give you are to routinely check for mold, pests, and other issues around the property. However, ensure that your tenants are comfortable with you doing so to avoid ruining your relationship with them.
Start Getting More Lease Renewals Now
After reading this guide, you now know the main lease renewal strategies to use if you want to keep great tenants. To make getting lease renewals even easier, you should outsource all of these tasks to PMI Property Management.
We have the tools and expertise required to build strong tenant relationships while also maintaining your properties. This will allow you to focus on other things while increasing the revenue your properties generate.
When you're ready to start earning more money in real estate, contact us to learn about our property management services.
