Every property manager wants their tenants or renters to return. That is, they want to ensure lease renewal, since trying to find new people to fill those vacancies is always more expensive than retaining those who are present to pay regularly. So, how can you guarantee that renters will renew so that you aren’t losing money? It’s hard to say that you’ll definitely get renewals from everyone, but you can be optimistic. Even better, you can be confident (if you use these tips).
How Can You Get That Lease Renewal?
If your residents or tenants think that you care about them, that you’re there for them when they need it, then they’re much more likely to continue working or living in your building. Everything from quickly responding to e-mails to sending out holiday cards can add up to their decision to stick with you rather than to try their luck elsewhere. Some may reply immediately that they’d like to renew, when it comes to be that time of the year, but others may take longer, and you should figure out why they aren’t sure so that you can address their concerns, if it’s within your power.
Remember that it’s a lot of work for people to move. They’re more likely to want to stay put, assuming things are good, or even neutral. Still, some “might be considering a move because rent is going up or they’re looking for a change in scenery,” so find ways to incentivize them into lease renewal. They may still leave, but it’s certainly worth your time and efforts.
If it’s feasible, one of the biggest chances you have to recapture their attention is to offer them a discount on their rent or fees. Even if it isn’t a big drop, you would be showing your tenants or renters that you are interested (and invested) in trying to get them to stay on your property. Again, they may not take the bait, but they’ll see that you’re willing to negotiate, at the very least. Another option is to offer upgrades. This might mean new appliances in the kitchen or a new paint job, but whatever it is, make it nice enough so that the person might be swayed toward staying in the building through another leasing period, at least.
If you don’t have the budget for rent drops or upgrade costs, a gift card to a local retailer might do the trick. Though it may not seem as effective in adding appeal to the unit itself, you can, in a way, “advertise” the neighborhood by offering these gift cards from locations that are popular, such as trendy restaurants, or helpful to your resident or tenant, such as a laundry service. Again, it may not be as flashy an offering as the others, but a simple reminder of your helpful presence as the property manager may nudge people in the right direction and convince them that they’re appreciated enough where they are.
The cheapest way to add a little flash to your renewal appeal is to be creative about how you present it. Rather than writing a bland e-mail about the upcoming deadline with a bulleted list of why they should renew their leases, do some searching online for “fun” ways to do so. Maybe notes delivered to their doors or a personalized video message will do the trick. You can also create lease renewal-geared “merchandise,” such as “candy, drink mixes, keychains,” or other small trinkets. Again, it’s the thought that counts, and people will be pleased and likely surprised to see that you’re thinking about them and care that they stay.
In order to keep tenants and renters on your property, you want to be as efficient a manager as you can be. The best way to do this is to work a property management software system into your daily functionality, such as Budgetrac Property Management Software. It’s easy enough for any manager to learn and use, but at the same time, it doesn’t sacrifice powerful functionality. This software allows you to organized all property data and to access it quickly, providing that information to you whenever you need it. Even if some tenants or renters do move out, you’ll fill the vacancies in no time at all with the help of Budgetrac. See what this system can do for you today!