When you're an Orlando property manager, your duties don't end at accepting rent checks each month. You'll need a savvy leasing management strategy to keep your best tenants around. After all, long vacancies can hurt your bottom line.
Keep reading to learn how to keep great tenants in your investment property!
Make Property Maintenance a Priority
A well-maintained place is one tenants want to continue living in. Maintenance can include checking HVAC equipment, doing landscaping, and repairing appliances. It also can involve repairing leaky faucets or removing moldy tiles.
Keep in mind that tenant screening can be a time-intensive process. You're better off putting in the effort in property maintenance and prompt responses to keep your current tenants happy.
Offer Appealing Lease Terms
When it comes to tenant retention, the details of your lease agreement are key. In other words, you'll need to offer terms that are both agreeable and appealing.
You can incentivize lease renewals for your best tenants. Maybe you can offer them a covered parking space, for instance. Or perhaps you can upgrade appliances or carpets to keep their unit fresh.
Avoid Big Rental Increases
One of the easiest ways to prevent tenants from renewing a lease is through rental increases. Tenants don't want to find out that their budget can't handle the new lease terms. If they'll need to spend an extra few hundred or thousand dollars, they may look at other Orlando properties.
If you must increase rent, you'll want to keep it as small as possible. And you may need to throw in a perk, like a new vanity or kitchen floor, to justify it.
Provide an Online Tenant Portal
When your tenants are already busy with work and other responsibilities, they want rent payments to be as easy as possible. That's where an online tenant portal can be a game-changer. Through the portal, tenants can make payments so they don't have to rearrange their schedules to do so.
Better yet, an online portal can be an easy place to conduct other pertinent business. For instance, tenants can make maintenance requests if they have a faulty AC unit or stained carpet. And the property manager can make important announcements.
Focus on Clear Communication
Lastly, the centerpiece of your leasing management strategy should focus on strong communication. Ultimately, if a tenant feels valued, they'll be more eager to stay.
Good communication entails responding to requests quickly and politely. It also means giving updates on issues that may take longer to resolve. And in some instances, you may need to intervene if there are problems between tenants in your property.
Pursue the Best Leasing Management Strategies
A nuanced approach to leasing management can improve tenant retention. Use an online portal to streamline communication, and always be friendly and prompt. Tackle maintenance requests and incentivize lease renewals for loyal tenants.
At PMI Orlando Parks, we can help you improve tenant retention and other aspects of property management. With over two decades of business experience, we have the real estate expertise to help you maximize your property's value. Contact us today to learn more!
