What if you never had to worry about marketing vacant listings or screening tenants ever again? With a lease renewal strategy, you can keep the amazing tenants you already have! You'll save time and money while gaining an ongoing source of revenue.
Not sure how to increase lease renewals among your Savannah, GA properties? Read on for the tips you need to boost renewals today!
Send Early Rent Reminders
Start your lease renewal strategy early. First, provide your renters with multiple ways to contact you. Let them know you're available to answer their questions and provide help.
Send early rent reminders to avoid late payments. Consider offering renters a grace period. Instead of expecting payment on the first of the month, allow them to send it by the fifth.
Use automation to send late notifications and charge late fees. Virtualizing and automating these processes can offer your tenants ease and convenience. Neglecting to communicate, on the other hand, could lead to issues.
Give your tenants a notification three months before their lease is about to end. An early reminder will give them time to explore their options. If they decide to leave, you can market the property before it stays vacant for months.
Keep Up With Maintenance
If your properties aren't well-maintained, renters may decide to leave. The vacancy rate in the US has already increased to 6.1%. Your vacancy rate will continue to rise if you're not meeting the needs of your tenants.
Your tenants may decide to take legal action if you neglect to complete maintenance projects. They won't want to stay if you neglect their needs.
Show tenants you care about their living experiences by completing maintenance and repairs. Keep up with housing laws to avoid compliance issues. You can hire a full-service property management company to handle these processes for you.
Use Rent Payment Systems
Use leasing technology to automate processes. Using software can reduce human error. You can track move-in/move-out days to recognize when vacancies may increase.
You can virtualize everything from maintenance requests to leasing documents. Allowing tenants to access this information from a tenant portal can streamline communications.
Consider Rental Payment Incentives
Consider offering rental payment incentives to encourage tenants to stay another year. Offering upgrades will help them recognize the value you offer. Choose upgrades that will also increase the property's value.
Effective upgrades and incentives include:
- New kitchen appliances
- Keyless entry locks
- Learning thermostats
- Smart home devices
- Energy-efficient windows
These upgrades can set your listings apart from others in Savannah. Your renters will recognize you offer the best place to live.
Offer rental payment incentives. If you provide new renters a month off rent when they sign their lease, offer the same when renters renew their lease.
Increase Lease Renewals in Savannah
Increasing lease renewals will provide you with an ongoing source of revenue. Use these tips to encourage your best renters to stay. If you need help, hire a property management company.
PMI Savannah Metro has nearly 20 years of industry experience helping property owners like you. We can maximize your owner profitability. Contact us today to generate more lease renewals!
