So you’ve found the good tenant, but how do you keep them? Tenant retention is a good thing, and yes, offering certain perks and amenities can help. However, there are some good ways that you can keep them signing your lease, year after year. Vacancy cycles are bad for a number of reasons- of course, they happen, but there are ways that you can reduce them drastically.
If you start your process a few months in advance, you can make sure that your next term is assured and everyone has a heads’ up before the lease expires. It’s also a good idea because if the current tenant decides they aren’t going to renew, you can then move on to finding the next tenant. If you don’t want to renew this particular tenant’s lease: you also have plenty of time to give notice. A three month head start on this is usually best and you can simply key in the alerts using RentPost. This makes keeping good tenants so much easier and convenient.
When it’s a new lease: make sure it’s signed right away
When you’ve got a new tenant, getting the lease signed almost immediately is key. The best time frame is 24 hours from acceptance.
This helps both you and the tenant because you’re able to collect the deposits and first rent, then get the lease signed. This is particularly important if you’re a property manager and not the owner, because, your commission is in hand more quickly.
Keep it simple, always. Your leasing process needs to be not only convenient, but easy to understand. If you have your terms set ahead of time, rather than trying to make it up on the fly: you’ll find things go a lot smoother and confidence in your ability to obtain tenants and keep them is assured- but also, it helps your tenants to feel a lot more confident in your ability to manage the property effectively. It’s really a win win on all fronts to have this streamlined before you begin.
When it’s a new tenant, they already have some incentive in just being able to have the property to move into. However, you can also offer welcome packages for new tenants, and renewal gifts for those you’d like to keep. Gift certificates, vouchers, and other small tokens often are a welcomed incentive.