One of the secrets to success in the Denver Property Management game is to MANIFEST long-term tenants. Our team, at Walters and Company Property Management, would like to share a couple tricks to increase your odds at a lease renewal.
Here are some Words from the Walters:
- OFFER INCENTIVES FOR LONGER LEASE TERM
Show them the money!! Present your tenant with options for a longer lease term at a reduced rate. Calculate the potential rental savings down to the penny. When your tenant sees the dollar amount on paper they will be more inclined to sign a two to three-year lease. Taking these simple steps will reduce tenant turnover indefinitely.
- BUILD A FULL-SERVICE REPUTATION
Maintenance is LIFE in the property management industry!! Attending to a tenant work order in a timely manner is should be an obvious non-negotiable. Work orders give landlords the opportunity to build positive relationships by offering professional and punctual hospitality. Keeping the property functional and up to date will not only prevent depreciation; it will also achieve tenant satisfaction.
- PRACTICE EFFECTIVE RENEWAL APPROACHES
Landlord/Tenant negotiation is key to prosperous property management, especially when it comes to renewals!! Give your tenant a good reason to renew. Try and connect with them 90 days prior to the lease expiration. This plants a little seed in your tenant’s brain and triggers their decision-making process. Establish an effective means of communication and discover exactly what it takes to get that signature.