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Over 5% of Gwinnett County rental properties are vacant, which can lead to considerable profit losses for property investors. Believe it or not, decreasing vacancies isn't about marketing. It's about retaining the tenants you have.
The longer a tenant stays, the less you have to spend on listings, tenant screenings, and post-move-out maintenance. What if you can't seem to keep tenants longer than a single lease?
To secure lease renewals, you need to work on tenant relations. We're here to share our top tenant communication strategies that will boost your tenant retention rate. Read on for more.
Start With Strong Tenant Screening
First, you need to find tenants you actually want to keep. Thorough tenant screening involves a credit check, criminal background check, and rental history assessment. This will tell you:
- How much a tenant makes
- What their debt-to-income ratio is
- What problems, if any, they've had with previous landlords
The goal of tenant screening is to find a tenant who will pay rent in full and on time and respect the terms of your lease.
Streamline Digital Communication
Modern tenants expect modern solutions. While it's always important to provide a phone number to call in emergencies, giving tenants a digital portal can solve a lot of problems.
For example, younger tenants may not have a checkbook on hand to pay rent each month. A digital portal allows tenants to pay rent online and even automate payments to prevent late fees.
Stay On Top of Tenant Requests
Digital portals aren't just for rent payments. Tenants can also use them to make non-emergency maintenance requests. When they do, make sure you answer them promptly.
Tenants are obligated by law to take care of things like basic cleaning and garbage removal, but taking care of your property is a two-way street. When you fix problems fast, you build trust while meeting legal landlord requirements.
Make Lease Renewal Simple
Finally, you need to make lease renewal so simple that it's a no-brainer. Don't ask tenants to meet in person to renew. Send all paperwork through the digital portal so they can sign from the comfort of home.
If you're still struggling to increase tenant retention, you may want to offer up some incentives. For example, you can hold off on increasing rent or keep increases low. Alternatively, you can offer to make a few upgrades to your tenant's unit, like replacing old carpets, repainting, or updating appliances.
Need Help with Tenant Relations? PMI Atlanta City Can Help
It's time to cut down on vacancy rates in Suwanee and surrounding areas. Use this guide to work towards better tenant relations. When you build good relationships with your existing tenants, they're more likely to stick around for more than a single lease.
Are you struggling to keep up with landlord obligations? Do you know you don't have the time to start improving your practices?
PMI Atlanta City provides customizable and full-service property management for Suwanee area property owners. Contact us to find out more about how we can help.
