Here in Southern California, we come across many different types of tenants. We’ve seen the good — and the bad. Since we are part of a thorough vetting process for our property owners, however, we usually want to keep most of the good ones. After all, it saves money, time, and trouble to keep good tenants for as long as possible.
To encourage the good ones to stay in a property, lease renewals are an excellent option. The satisfied renter doesn’t have to go through the complex process of moving; and the owner knows that his investment will continue to receive the conscientious care that a great tenant provides.
Here are 4 ways we encourage the great tenants to renew at the end of their term:
Good Communication is Key
In our screening process, we strive to assess the trustworthiness of every potential tenant. Trust and credibility are essential qualities for both tenant and owner. These two qualities convert a business transaction into a relationship. Relationships matter more to people when they sense a genuine concern for their well-being. Good communication is important; even more important is follow-through. We don’t make promises we can’t keep, and we keep the promises we make. In this way, the property owners trust us to do our job with excellence, and the tenants trust that we look out for them. And at lease renewal time, both parties can come to the table with confidence.
We need to inspect the property from time to time to see how things are going. Our tenants are thankful for this service. We schedule inspections with them so they know when we are coming. We let them know how long it will take, and who will be doing the inspection. We’re looking for any issues that need to be corrected, and any problems with the building, the systems, or the grounds. We want to make sure everything is functioning as it should, and is in good condition. Even though we rely on our tenants to tell us about any maintenance issues that concern them, sometimes they may not be aware of developing problems that our inspections can reveal. The inspections also give us an opportunity to connect with our clients and demonstrate that we do care.
If our tenants have a problem, we respond in a timely manner. We are always only a phone call away. If there is an emergency situation, our response is immediate. We have reliable technicians and contractors that we use to remedy maintenance and repair issues. This means the inconvenience to our renters is kept to an absolute minimum. They appreciate this, and it goes a long way to encourage their lease renewal.
Negotiation is a part of business, and it never hurts to ask for adjustments to a proposal. When it comes to lease renewals, if we are able to accommodate, we will do what we can to satisfy both tenant and owner.
At Harbor Property Management, we are serious about these four ways to encourage lease renewals. Property management for rental homes isn’t just about the financial investment: it’s about building relationships that will last, and doing it with fairness and good business sense.