3 Best Ways to Get Tenants to Renew

Getting your current tenants to renew their lease is an important task for any property manager. That is why in today’s article, we share with you the three best ways to get tenants to renew.

#1 Always talk to them

Communication is key in any property management company. That is why with each of our tenants, we feel it out, see how they do during the year, build a relationship with them, make sure that they are happy, and see if there is anything else that we can do for them. We balance this between saving you money as a landlord and keeping good tenants, building relationships and communication comes for free.

We have an open line of communication. If anything goes wrong or they have questions about their renewals, we can answer them right away. We just want to make sure that they can reach out, and that we explain the renewal process to them. For example, if they ask why rents increase, maybe it’s because your expenses as the landlord went up.

#2 Make it easy

The second most important way to get your tenants to renew is to make it easy. That means not having to draft out paperwork by hand, deliver it, have them sign it, and have multiple people meeting in a group.

We do everything electronically. We send a button, update all required fields, and allow them to also sign electronically. Then, they pay any difference in last month’s rent; this is essential to make sure that any last month’s rent is up to par because it would not be matching the amount that you paid previously.

#3 Know your market

You need to make sure you know your market. You might be in one of those situations where you are like, “Well, I haven’t increased rent in ten years. I’m just going to jack it up.”

Every market is different, every season is different. You need to have the help of a professional real estate agent or property manager to see how many properties are on the market: what they look like, how much they are getting for rent, and what the moving costs are. Honestly, go tour those properties and know your competition. We will do that for you as a property management company to provide you with the information you need to make informed decisions based on our suggestions.

Our commitment

If you or anyone else you know is looking for a proactive property manager to guide you through the renewal process while making sure your tenants are communicated with, continue to renew, and that your headaches are minimized, please think of Green Ocean Property Management: where you get more than a property manager, you get peace of mind.