Finding a great tenant is a key part of any rental property investment plan. But did you know that the hard part only comes after that?
We are, of course, talking about making those tenants stick around.
With some tenants, there won't be much you can do. Oftentimes, they'll have a personal reason for not renewing the lease. Other times, you may be able to persuade them to stay by saying (or doing) the right things.
Want to keep your perfect tenants in your Charlotte, NC rental for the long term? These leasing management tips will get you started!
Address Concerns Quickly
Few things are more frustrating to tenants than a landlord ignoring their requests. This is particularly true with rental property maintenance. If you need three weeks to replace an AC filter, they'll be rightly annoyed.
The solution, of course, is to address all tenant issues ASAP. This lets them know you have their personal satisfaction in mind. Plus, taking care of issues quickly will reduce the need for repairs when you turn the unit over.
If you can't deal with a tenant's concern right away, let them know why. If possible, offer an alternative solution. It's essential to let the tenant know you're doing your best to remediate the situation.
Be Friendly and Courteous
When it comes to tenants, the human factor means a lot. If you're friendly when interacting with them, they'll be more likely to want to stay. There's nothing wrong with asking how they're doing or discussing a shared interest!
Keep in mind this doesn't mean you should be friends with your tenants. It simply means it's best to avoid seeming uninvolved. For the best results, make it easy for them to contact you during business hours.
Be Proactive With Lease Renewals
Does your tenant follow your rental property rules and fulfill obligations on time? If so, it's never too early to start thinking about renewing their lease. Ideally, you'd float this idea about 90 days before the lease ends.
The early notice serves several purposes. First, it gives them plenty of time to think about their future and make the right decision. And if they do decide to move, you can get a jump on marketing your rental.
If they want to renew, consider proposing longer rental property lease terms. For example, if they've been renewing every 12 months, offer them to sign a 24-month lease instead.
Know What Tenants Want
For most younger tenants (particularly millennials), lifestyle quality plays a key role in deciding where to stay. This is why it makes a lot of sense to invest in some of the more popular rental property amenities.
For instance, let's say your property is close to a university. To make their stay more comfortable, consider adding secure bike racks or a Murphy desk. If you want to attract families, a hardwood floor or backyard fence may help!
Leasing Management in Charlotte, NC
The bottom line: Treat your tenants the way you'd like to be treated. If you can do that, your tenant retention rate should see a major improvement.
Need professional help with managing your tenants? Wilkinson Property Management will take care of your tenants' needs! Contact us here to learn more about our leasing management services in Charlotte, NC.