Is the occupancy rate in your Boulder, CO, rentals higher than you'd like?
You need to master the art of getting more lease renewals from your current tenants. While it's inevitable that tenants will come and go, you're in a great position to make most of them stay longer. Longer occupancy means a steady rental income and lower operating costs because you won't need to market the rental or do tenant screenings as often.
If you need help getting your tenants to renew their leases upon expiry, keep reading!
Give Irresistible Incentives
Once a lease is up, tenants have plenty of options to choose from in Boulder, so nothing is stopping them from vacating your rental.
Well, you can change that, or at least give them something to think about, by offering an irresistible deal. For example, how about one month's rent off (or a certain percentage discount on the next month's rent) upon lease renewal?
Or perhaps you have always had a no-pet policy, and some of your tenants have inquired about keeping a pet in the rental. Adopting a pet-friendly policy can win you some lease renewals.
Whatever incentive you come up with, ensure it's something your tenants will love.
Don't Wait Until It's Too Late
Some landlords only remember to put in some effort when a rental lease is almost expiring. A sudden spurt of niceness, such as contacting the tenant to know about their welfare, when you've been unavailable most of the time isn't going to cut it.
You have landlord responsibilities that you need to execute from the first day you have a tenant. Stay on top of rental property maintenance throughout the lease and establish an open line of tenant communication.
Being a responsible landlord leads to greater tenant satisfaction. Your performance will certainly be a huge factor when a tenant is deciding whether or not to renew the lease.
Do Away with Unfriendly Lease Terms
A good landlord-tenant relationship is anchored on each party observing their responsibilities. Tenants have rights, but often, landlords have greater power to exercise their rights.
For example, landlords can have various fees written into the lease agreement, and tenants can do nothing about it. Sometimes, renters don't read between the lines, so they don't have an idea of what they're signing up for when accepting a lease.
If you have no rental payment grace period, for instance, don't blame yourself if your tenants don't want to renew their leases.
From time to time, tenants will be late on rent because life happens. Tenants want to know that you're a lenient landlord. Their way of knowing is gauging the aggressiveness of your lease terms and rental property rules.
Secure Those Lease Renewals
Lease renewals ensure you get to keep your best tenants for longer, but you have to earn them. Being a responsible landlord is a good place to start, but you have to do more. Offering lease renewal incentives and relaxing your rental property rules go a long way.
Hiring a property manager is also an effective way to guarantee lease renewals. Contact us at PMI Flatirons Group, and let's take care of your property management needs.