Protecting your Detroit investment properties requires help from good residents! Excellent renters pay the rent on time and take good care of the rental home, while bad tenants neglect to pay the rent and often cause property damage—leading to costly repairs and lost income.
Keeping good tenants longer is one of the best ways to protect your rental properties. However, getting residents to renew a lease isn't always easy! Use these tips from our expert Detroit property management team to build positive long-term relationships with quality tenants and watch your retention rates improve!
Renewing a good tenant helps you to reduce turnover expenses such as advertising, cleaning, and maintenance costs for a make-ready. Rental owners also don't have to spend valuable time marketing a property, showing it, and screening applicants to find a new resident.
Without turnover time, you also continue generating rental income every month without any vacant days on the rental market. A property management expert knows that prioritizing excellent strategies that keep residents happy and encourage them to stay is a critical aspect of improving ROIs and protecting properties from bad tenants that don't follow the rules or care for your property the way better renters do.
How can landlords keep renters happy? Sometimes, small things make a big difference when a resident considers renewing their lease versus shopping for a new rental. Being a good landlord year-round with every tenant can be the difference-maker for renters to stay!
When managing residents:
Maintaining good habits of being responsive and proactive helps residents build trust in you as a rental property owner. When renters know they can rely on you to fix things promptly and listen to concerns, they're more likely to follow the rules, pay the rent on time, and renew their leases!
Friendly landlords can build better long-term relationships with residents, but make sure you keep things professional. Being friendly is a good way to show renters that you care and appreciate them choosing you and your rental property. However, become "friends" with tenants can often lead to difficult situations where tenants take advantage of your friendship.
A Detroit property management company recommends maintaining good communication, respecting your tenant's privacy, and handling disputes with patience and fairness.
One of the biggest reasons tenants don't renew a lease is a lack of excellent maintenance. Well-maintained properties attract prospective tenants (and keep) quality residents for more than one lease term! If you're struggling to keep good renters, and you're already doing the things we mentioned to be a good landlord, review your maintenance practices. DIY maintenance can only get you so far, and it could be a big reason why tenants don't stay for more than one lease term.
A property management company delivers professional maintenance services that help keep renters happy and improve rental property values. With a property manager, you have:
Prioritizing maintenance is one of the best ways to improve retention and protect your investment properties!
The lease agreement should outline when renters can expect a rental rate increase and by how much. However, when landlords apply a significant rent increase upon lease renewal, they can expect tenants not to renew.
While most renters expect the rent to go up (a bit) at renewal, don't take advantage of a new lease term to hike up the price too high. When rental property owners deliver excellent properties and are good landlords, a modest rate increase won't discourage residents from renewing the lease.
Planning ahead for renewals helps tenants plan to stay! Beginning 60-90 days before the end of a lease term, communicate with tenants about their upcoming renewal. Encourage them to renew by offering incentives, like free air filters delivered throughout their next lease term or a one-time full house professional cleaning upon renewal. Even things like gift cards for a local restaurant can encourage good residents to sign a new lease.
The best way to keep more excellent residents is to place quality renters from the start! If you don't have a thorough tenant screening process in place, work with the best property management company in Detroit MI, to market your rentals and place excellent residents.
Own It Detroit helps real estate investors find and keep more tenants longer! We apply excellent screening practices and property management services to keep tenants happy and improve retention rates. Our property managers understand that keeping good residents helps protect your investments! To learn more about how we boost retention, reach out and let's talk.
What should landlords do to protect rental properties and income? Find out when you download our free guide, "Protect Your Investment Property: A Guide."