One thing all rental property owners must deal with is vacancies. Whether you like it or not, you’ll have to place a new tenant in your property at some point. Of course, in an ideal world, your rental will always have a long-term tenant in it. Unfortunately, tenants move for many reasons, leaving you to deal with the vacancy
When this happens, you’re stuck advertising your rental as available, screening for new tenants, drafting new leases, and so much more. All without earning a single penny. Because of this, property owners are always looking for ways to boost tenant retention in Antioch.
While you may not be able to avoid vacancies altogether, you can take steps to reduce your turnover rate. If you’re looking to increase the number of lease renewals your Antioch rental earns, read on to learn about the top ways to improve your tenant retention rate and ROI.
Top Ways to Boost Tenant Retention in Antioch
1. Be Thorough with Tenant Screening
If you don’t place high-quality tenants in your Antioch rental, you can’t expect them to stay for very long. A bad tenant may lead to things like an early lease termination, property damage or abandonment, late rent, and possibly an eviction.
To reduce your vacancy rate, make sure you or your property management company have a solid tenant screening process in place.
While screening tenants, look for things like:
- Credit score
- Employment and income
- References (personal, employer, past landlords)
- Criminal records
- Prior evictions
Lastly, make sure you only place qualified tenants in your place. Don’t let the threat of an extended vacancy rush you into placing a bad tenant.
2. Know the Market
It should go without saying that a property owner must understand the local market to generate a positive ROI. That said, if you hire a property manager, you’ll want to make sure they too understand the market.
If your rental is overpriced, you will not be able to keep tenants past one lease term. Not to mention, an overpriced rental will make it more difficult to place new tenants. It’s crucial you know what similar properties in the area are leasing for when you set your rent rate. While you want to earn as much money each month as you can, you don’t want to risk a vacancy either. After all, some money each month is better than none.
3. Identify Possible Improvements
One of the best ways to improve tenant retention in Antioch is to make sure your existing tenants are happy. This is easily done during your annual property inspection. While you or your property manager are inspecting the property for minor damage, ask your tenants about rental home improvements they’d like to see.
Of course, you will not be able to accommodate all requests. But, there are likely to be some things that you can provide. For example, offer a new coat of paint or an energy-efficient appliance. Making small improvements to your rental for your existing tenants will show them you care about their needs. Come lease renewal time, this small gesture is sure to help convince them to sign on for another term.
4. Get to Know Your Tenants
Being a landlord is a lot of work. And it’s important to remember that leasing rental properties is a business. In other words, your tenants are your customers, which makes you the boss. You should not aim to become best friends with your tenants and blur the lines. If you do, you risk being taken advantage of.
That said, there’s nothing wrong with being friendly with your tenants. Getting to know some personal details about your tenants leads to great conversations. In addition, it forges a stronger relationship and makes your tenants feel valued. In the end, tenants that feel valued are more likely to sign a lease renewal than not.
5. Make Rent Collection Easy
These days, people are used to paying for everything online. So, it makes sense that tenants will want to pay their rent online too.
Gone are the days of money orders or checks in the mail. And the last thing a tenant wants to do is drop off a rent check to your property management company’s office. If you really want to boost lease renewals in Antioch, you’ll collect rent online.
If you use an Antioch property management company, check to see if they offer online rent collection.
Having a tenant portal for paying rent is an appealing feature that both you and your tenants should look for.
6. Respect Your Tenant’s Privacy
Performing property inspections is part of being a successful landlord. Bothering your tenants at all hours, however, is not.
If you want to ensure your tenants are satisfied renting from you, give them proper notice when you plan to stop by. Unless it’s an emergency, there’s no reason why you can’t work out a time that works for both you and your tenants. Not to mention, it’s legally required in Antioch to provide proper notice before entering.
By respecting the fact that your tenants call your investment property home, your tenants will respect you as their landlord. And just like being valued leads to more lease renewals, so does being respected.
7. Provide an Early Lease Renewal Notice
One of the best ways to boost tenant retention in Antioch is to offer a lease renewal to your tenants well before the end of the lease term.
If you wait until the last minute to offer a lease renewal, you might be too late. If your tenants are unsure about whether you’re going to ask them to stay, chances are they’ll start looking for somewhere else to live. This leaves you with a vacancy rather than a lease renewal.
Instead, give your tenants ample time to decide whether they want to renew their lease with you. By giving them enough time, you show your tenants you’re eager to keep them. It also reduces the likelihood of them looking for another rental.
8. Send out Rent Reminders
Late rent is not something you or your property manager want to deal with.
Sometimes, your tenants pay the rent late because they simply forget it’s due. After all, people have busy lives and a lot of things to juggle all at once. By reminding your tenants that rent is due, you make things easier for everyone involved.
Rent reminders work perfectly for new tenants that are not used to paying rent to you. They also work for those that are habitually late with rent each month and those that have yet to pay and are on the verge of eviction.
9. Prioritize Communication
72% of renters feel that it’s important they be able to get ahold of their property manager quickly. They also want their issues resolved fast.
In other words, communication is the key to tenant satisfaction.
Whether it be to answer a quick question or perform a repair, your tenants want to know they can get ahold of you or your property manager whenever needed. So, if your tenants report a problem, get it handled quickly and efficiently.
If there’s going to be a delay for any reason, reach out to your tenants and explain. This way, they aren’t left wondering what’s going on. Trust us, how you handle these types of situations will be remembered come lease renewal time.
10. Use a Good Antioch Property Manager
Using a property manager to handle your rental property is a great way to take a load of stress off while still enjoying the benefits of owning an investment property. However, it’s important to remember that your property manager is the one that will have the most contact with your tenants.
In other words, if your property manager doesn’t treat your tenants right, you’re not going to earn a lease renewal.
If your tenants are not happy with the property management company that is responsible for your property, you’re going to be in trouble come lease renewal time. In the end, it won’t matter how great you or your property is. If your tenants don’t like your property manager, the administrative staff, or the maintenance crew, they are not going to want to stay.
Because of this, it’s a good idea to do your due diligence when it comes to picking the Antioch property management company you want to work with.
If you choose the highest quality one around, and your tenants are satisfied with them, you’re going to see a huge increase in your lease renewals.
Are you in need of Antioch property management? If so, contact us today and see how we can help boost your tenant retention rate.
At Blue Line Property Management, we pride ourselves in providing full-service property management you can rely on. Our property managers have the experience to generate you the highest ROI and the friendliness to guarantee tenant satisfaction. Let us help you with things like maintenance and repairs, rent collection, property inspections, and customer service, so you can enjoy your rental property without worrying about a high turnover rate.