Tenants come and go. So, what's the secret to keeping great tenants in your property? As a landlord, you've probably figured out it's about finding effective ways to navigate the relationship with your tenants.
According to the Pew Charitable Trust, home prices in Philadelphia have increased to $208,000. These figures indicate a strong housing market ideal for property investors. The best leasing management strategies can help you attract and retain tenants.
Keep reading as we explore effective ways to keep great tenants.
Effective Tenant Screening
Finding and keeping the right tenants begins with effective screening. Conduct background checks to determine whether a tenant qualifies to meet the terms of your lease agreement. Look for long-term tenants who will renew the lease.
Further, prepare a welcome package for new tenants. Some of the items you can prepare for your new tenants include:
- Contact information
- Property guidelines and rules
- Welcome letter and move-in checklist
Open Channels of Communication
Successfully navigating the tenant-landlord relationship is key to effective rental property management. You need to open and maintain channels of communication. Assure your tenants that they can reach you anytime and be responsive to their concerns.
Effective communication can help your tenants feel valued, enhancing your ability to get lease renewals. You can also use multiple channels of communication to ensure you're accessible.
Communicate the lease terms clearly and inform your tenants of any changes. Besides, set up automated messages and reminders to keep your tenants updated.
Prioritize Maintenance and Repairs
Effective property leasing strategies also involve keeping your property in good condition. A well-maintained property can reduce tenant churn while maximizing your income. Schedule regular inspections to check for any maintenance needs.
It's advisable to always respond to tenant's maintenance requests and make upgrades from time to time. Some of the best practices for maintenance coordination include:
- Create a maintenance coordination protocol
- Focus on urgent requests first
- Set up a network of reliable vendors
- Prioritize preventative maintenance
You should also focus on tenant communication and feedback when making repairs.
Use Dynamic Pricing When Setting Rental Amounts
According to the Federal Reserve Bank of Philadelphia, the inflation rate has risen, leading to higher housing prices. One of the reasons tenants may not renew their lease is the inability to pay rent.
So, offering competitive rent and lease terms can help you retain tenants. Evaluate the local market to set rent prices that incentivize your tenants to stay. Other incentives you can offer your tenants include:
- Flexible lease terms
- Favorable pet policies
- Property upgrades
Leasing management also includes providing tenant-centric services. Offer services such as online rent payment and handle any disputes professionally.
Use Professional Property Management Services
Professional property managers can run the day-to-day real estate operations. This also involves drawing up favorable terms to enhance leasing management and renewal.
Property managers can also tailor their services from lease enforcement to maintenance coordination to meet your needs.
Utilize Effective Leasing Management Strategies Today
The best leasing management strategies balance the tenant's welfare and the landlord's interests. Making the rental experience enjoyable enhances your ability to retain tenants for the long term.
Innovate Realty and Property Management can help you develop effective strategies to keep great tenants. We'll handle everything from tenant screening to streamlining rent collection.
Contact us today, and let us maximize your ROI.
