Did you know landlords face almost $4,000 in costs to replace a tenant who leaves their rental property? It could also take them longer than 17 months to recover from such a loss.
So, as an investment property owner in Orlando, FL, the last thing you want is to lose excellent tenants. Instead, aim to make them happy so they wouldn't even consider leaving in the first place.
Don't worry if you're unsure where to start. We've shared our top leasing management tips for tenant retention in this guide, so read on.
Be Responsive and Proactive
One of the most vital leasing management practices to abide by is to respond to tenant concerns ASAP. This is especially crucial if their issue can affect their health or safety. These include problems regarding your property's plumbing, electrical, HVAC, or indoor air quality.
If your tenants say it's an emergency, please treat it as such and don't delay rental property repairs. Otherwise, their health and safety could be at risk, and they may even file a complaint against you. If this happens, a lease renewal would be the last of your worries.
Being proactive about routine rental property maintenance is an even better tactic. This helps keep your property in good condition and lowers the odds of emergency repairs.
Consider Allowing Pets
Over 6 in 10 Americans own a pet, with about a third having more than one. And nearly all consider their pets a family member.
Pets, after all, provide companionship that can help combat loneliness and depression. Studies have also linked them with lower blood pressure, cholesterol, and anxiety levels.
That said, it won't be surprising if your current (and excellent) tenants would want to have a pet, too. The only thing that may be restricting them from getting one is your no-pet policy. With most people regarding pets as family, this rule can be enough to make them look for another place.
Prevent that from happening by asking your tenants their opinions about pets. If they say they want one, it may be time to allow pets in your investment property in Orlando, FL.
Offer Tenant Incentives
If your budget can accommodate it, consider offering your best tenants a free month of rent. If not, don't worry; they'll likely appreciate even a small discount of $50 to $100. Don't forget to ask them if they'd want this as a "rent coupon," which they can use later.
You can also talk to renters about what they want, which can boost tenant communication. For instance, you can ask them which incentives they'll truly appreciate. While a discount is almost always welcome, your tenants may want something else (e.g., a pet).
Follow These Effective Leasing Management Strategies
With the cost of tenant loss equating to a few months' rent, you should do everything you can to avoid it. It's even more crucial if your current tenants are the best you've had and have never given you trouble.
So, as early as today, follow our leasing management techniques. They can help your tenants see how responsive, proactive, and communicative you are.
If you need more professional guidance, PMI Property Solutions can help. We're a full-service property management company serving Orlando, Florida. Contact us today to learn more about what we do!