Is your rental property in Greenville, SC, only attracting short-term renters? Have you grown tired of spending so much time and money trying to find new tenants every time the old ones leave?
If you answered yes to either or both, you likely lose thousands of dollars every time. On average, property owners shell out nearly $4,000 on replacing tenants who leave.
Fortunately, there are several strategies you can adopt for more successful lease renewals. We'll tell you about them in this guide, so please read on.
Partner With a Property Management Company
A full-service property management company provides tenant placement services. The latter involves finding qualified renters through multiple background checks.
As part of their screening process, they look for tenants most likely to want to stay in a property long term. During this time, they discuss tenant incentives to attract renters to agree to a lease. These may include free Wi-Fi, a rental payment grace period, or a discount.
When tenants know about these perks from the get-go, they're more likely to want to renew their lease.
Review Rental Property Rules
If you've always had difficulty getting tenants to renew, it may be time to review your property rules. It may be too out-of-date, which means it can no longer keep up with the ever-changing needs of modern tenants.
An example is a no-pet policy. Your tenants may want one, too, considering nearly seven in ten U.S. families now own a pet. But if you don't allow pets in your rental property, that may be enough to make them look for another place that does.
If you'd like to allow pets but are anxious about the damage they may cause, hire a property management firm. These experts can help you create a pet policy for your properties and get pet damage insurance. They can also regularly inspect, maintain, and repair pet-caused property damage.
Never Skip Rental Property Maintenance
Rental properties that aren't properly and routinely maintained can become unsafe and unsanitary.
For example, a house with a leaking roof and pipes can develop indoor dampness issues. Aside from potentially causing structural damage, these problems also promote mold growth. They can lead to poor indoor air quality, affecting your tenants' health.
Excessive indoor humidity and mold can also attract pests and make your tenants ill. Rodents, for instance, can cause over a dozen diseases, including hantavirus and leptospirosis. They can also damage your Greenville, SC, property.
All that makes regular property maintenance a must to keep tenants happy and healthy. And in doing so, you're more likely to retain your best tenants and make them want to renew their lease.
Simplify Lease Renewals With These Tactics
Lease renewals can help you maximize the profits from your property. That's why you must attract the best possible tenants most likely to stay long-term.
At PMI Upstate SC, we aim to help Greenville, SC, property owners achieve those goals. We provide full-service property management, from tenant placement to property maintenance. We also handle all tenant communication and rental collection.
If you're ready to make the most of your rental property, get in touch with us today. We'll be happy to discuss the difference we can make in your life as a landlord!