Vacancies are one of the biggest concerns for landlords nationwide for the obvious reason that if a rental property is unoccupied, it’s not producing income.
Thankfully, landlords can easily lower vacancies and increase renewals by following these simple tips.
Tip #1 – Make The Landlord-Tenant Relationship A Priority
From the first day that a new tenant moves into the rental property, landlords must make the landlord-tenant relationship a priority by incorporating some or all of the following:
· Send the tenant a welcome basket or welcome gift card
· Provide the tenant with multiple contact methods
· Remember the tenant’s birthday
· Keep promises to the tenant, especially when it comes to repairs and maintenance
· Respect the tenants’ rights and remember to follow notice of entry rules
Tip #2 – Stay Open To Feedback
From the moment the tenant provides them with feedback, landlords must let their tenants know that their feedback is valued and will be considered, especially if it can be used to improve the rental property.
Tip #3 – Offer Renewal Incentives
When it comes time for renewal, the landlord shouldn’t hesitate to offer their tenants incentives for renewing early.
Some of the most common renewal incentives to consider include:
· Discounts on rent
· Gift cards
· Cash
· Parking benefits
· New television
Besides offering incentives, landlords should also consider offering their tenants reasonable upgrades to their rental properties as well like a washer/dryer, dishwasher, or anything that the rental property may currently not have.
Remember timing is key when it comes to tenant renewals and this means that landlords should approach tenants about renewals early so they can avoid the hassle of the tenant waiting until the last minute to renew their lease.
Contact GoldenWest Management
At GoldenWest Management, we’re experts at managing single-family and multifamily properties in San Diego, Phoenix, and Las Vegas.
To learn more about our property management services, contact us today by calling (866) 545-5303 or click here.
