Miami is losing more residents than it's gaining, and that can be a real problem for landlords. If you have tenants who are staying in the Miami area, you need to do what you can to keep them around. There may not be more tenants to take their place.
But how do you get lease renewals? Can you really do anything to influence a tenant's decision? Read on to learn our top tips for keeping your favorite tenants.
Good communication is key when it comes to getting lease renewals. Your retention efforts will go to waste if you're not a communicative landlord.
When you send out your lease renewal letter, do it with ample time for your tenants to decide what to do. Make sure that if you choose to increase the rent, you give your tenants a minimum of 60 days' notice.
It's a good idea to personalize your lease renewal letter. When your tenant knows you see them as an individual, they'll be more likely to renew or suggest your rental to someone they know.
Be a Good Landlord
This may seem a bit too simple, but often, being a good landlord goes a long way. But what does that mean?
Make sure that you're responding to any requests for maintenance as soon as possible. On that note, you should also be keeping up with routine property maintenance. Your tenants want to live somewhere nice, safe and well-maintained, and you're responsible for that.
Use some of your income from your rental property for upgrades. Even adding a few basic amenities, like a washer and dryer, can go a long way.
Ask for Feedback
Your tenants want to know that you're listening to them. If they feel unheard, they may be less likely to renew their leases. If you want early lease renewals, ask for feedback from your tenants before lease renewal time arrives.
You can do this directly or with an anonymous poll. Ask your tenants what types of things you can improve upon regarding the property. Once you have that feedback, create a plan to start using it and put changes in place.
If you're really struggling to get lease renewals, offering incentives to your tenants is a fantastic option. Too many landlords worry that offering these incentives is "too expensive," but it's cheaper than finding tenants and having vacancies.
You can offer gift cards, services (such as a free deep-clean or a fresh paint job), or a discount on the rent for a month or two. You can also offer the incentive of maintaining the current rent price instead of raising it.
Get More Lease Renewals With These Tips
Getting lease renewals may seem tricky, but it doesn't have to be. By communicating, being a good landlord, requesting feedback, and offering incentives, you can keep your favorite tenants where they are.
Are you a landlord in Miami looking for some extra help? Pristine Property Management is here for you. Our team has a commitment to 5-star service and we offer personalized attention to all of our clients.
Reach out to learn more about our property management services today.