The average real estate investor makes over $100,000 per year, but this can only be done if you know how to get lease renewals.
When a tenant renews a lease, they agree to remain at the property for a set amount of time. This benefits the owner because they don't have to worry about finding new tenants and can continue earning money.
However, getting a tenant to renew their lease may require doing several things that can take a lot of time. PMI Brewder Reality will help you avoid stress by teaching you about the best methods to use in this guide!
Be Communicative
If you are struggling to get tenants to renew their leases, you should consider whether you are communicative enough.
Building strong tenant relations is an effective way to lower your vacancy rate, but it can only be done by communicating thoroughly with tenants. Whenever you need to do something, like repair damage, you must ensure that they are aware of it.
You should also provide tenants with several ways to reach out to you. Should they have a problem with something, being able to contact you immediately will make them feel more comfortable.
Give Them More Freedom
Another great way to get more lease renewals is to provide your tenants with more freedom.
If your current lease agreement has a plethora of restrictions, you should get rid of the ones that will turn new and current tenants away. For example, not allowing pets may make it much harder to retain your tenants if they plan on getting one in the future.
When a tenant has more freedom at your property, they will feel more "at home." As a result, they will likely want to remain at the property for several years, helping you avoid rental vacancy costs.
Have a Property Manager Help
The last thing you can do to make getting lease renewals much easier is outsource a variety of tasks to a property manager.
Property management companies offer services like tenant screening and rental property maintenance that save owners both time and money. With regular maintenance, not only will your property stay in good shape, but tenants will also be satisfied.
A property manager can also resolve tenant complaints as quickly as possible. They can communicate directly with them on your behalf to determine what the best solution is.
If you still struggle to get lease renewals, they can help you come up with tenant incentives that will encourage tenants to choose your property over others. Some of the most common incentives include giving the security deposit back, investing in a rental property upgrade, and lowering rates.
Work with PMI Brewder Realty to Get More Lease Renewals
When you are ready to get more lease renewals, you should start working with PMI Brewder Realty to simplify the entire process.
We are a leading property management company that can take care of all landlord and tenant needs. No matter how much experience you have in real estate, we will ensure that you earn more money while improving your properties.
Contact us now to find out how you can start maximizing profits in real estate today!
