Are you struggling to retain renters in Davie, FL? Without lease renewals, your vacancy rate could rise. The vacancy rate in the US is already over 6%!
As your vacancy rate rises, you'll start experiencing cash flow problems. Retaining good tenants can save you time, money, and stress.
Not sure how to get tenants to sign a lease agreement? Read on for the strategies you need for success!
Screen Applicants
Before using the rest of these leasing strategies, develop a tenant screening process. Screening applicants will help you find good tenants that you want to keep.
These renters:
- Pay full rent on time
- Don't disturb neighbors
- Don't destroy your property
If you don't have a tenant screening process in place, outsource to a property management company. They can help you avoid gathering inaccurate information.
Ask Good Tenants Early
Let your favorite tenants know when their lease agreement is about to lapse 90 days in advance. A 90-day notice will give them the chance to review their options. If renters aren't interested, you'll have time to fill the vacant unit.
Send renters a lease renewal letter that includes their:
- Name
- Lease expiration date
- Increased rent amount
- Deadline for replying
Include your name as the landlord (and the property manager's name, if you have one). Drafting a lease renewal letter will ensure all parties are on the same page.
Check the state laws for inclusions in the lease agreement. You may need to specify the parties involved, premises, and the term.
Request Referrals
Ask your current tenants to refer you to future renters. Asking for referrals will help renters realize what they already love about your property. It could also help you fill any lingering vacancies.
Offer an incentive, such as a gift card to a local shop or restaurant. Ask your renters to share reviews online. Positive reviews can help you attract future renters.
Avoid a Rent Increase
Don't rush to boost your rent prices. You could scare away your existing tenants with a high rent increase. Instead, remain open to negotiating.
Your tenants may agree to a two-year lease term if you don't increase the rent.
Hire a Property Management Company
You don't have to apply these lease renewal strategies alone. Consider hiring an experienced property management company.
They can help keep your favorite renters happy. Boosting tenant satisfaction rates could lead to more lease renewals.
If you have a high turnover rate, request property marketing services. You can reach your target tenant to establish a low turnover rate.
Choose a full-service property management company. They can handle everything from tenant screening to maintenance. Maintaining your properties can further boost tenant satisfaction rates.
Increase Davie Lease Renewals
Retaining good tenants will allow you to generate more revenue. While other Davie landlords are struggling with high vacancy rates, you can succeed in the industry! Use these tips to boost lease renewals today.
Remember, you don't have to do it all alone. PMI Best Assets uses award-winning strategies and state-of-the-art technology to help landlords accomplish their goals. You can rely on our 20 years of local real estate industry experience.
Need help retaining tenants? Request a free rental analysis to discover how we can help!
