Lease renewal is in a state of upheaval, mostly because of the average rent increase of over 11% in 2021. This was in part because of COVID-19, but regardless of the reason, it is more important than ever to keep your tenants. Do you know what you can do to ensure that they remain on your property?
Below we have given five tips. By following them, you should be able to ensure that your tenants consider you a landlord they can trust and will stick around if they are able. So, read on and make use of these landlord tips before you attract new tenants.
1. Be Transparent About Rules
When you create a new lease agreement, discuss with the tenants what the sticking points in the contract will be. Talk to them about issues such as:
- Excessive noise
- Complaints procedures
- Late rent payments
- What you consider damage
- What tenants can put on the walls
- Whether you allow pets
If you discuss all these ahead of time, you can avoid bad blood later on. It will allow the tenant to know ahead of time where you stand on specific problems and what they can relax about.
If you do not discuss these ahead of time, you will likely end up arguing in the future.
2. Resolve Concerns Fast
When tenants think they want to renew the lease, they will think back over the year on whether they had a good experience. If the landlord took a long time to respond to issues or never did, they will not likely want to continue in their contract. This will mean they will move elsewhere in Oklahoma.
If instead, they recall speedy resolution, they may think well of the agreement.
3. Maintain the Property
Your lease agreement should make it clear what parts of the property you will maintain and what will be the responsibility of the tenant. By maintaining more of the property yourself, you will make people feel more like guests.
4. Be Kind
It might sound simple, but when things go wrong (and they will at some point), try to work with the tenant and always assume good faith. It is too easy to assume that a tenant is trying to fleece you for money, but this only causes problems later on.
5. Statements of Good Will
To attract tenants via reputation, or to keep existing ones, be a good host. This does not mean that you should drop by and try to be your tenant's friend, but leaving a small care package when the tenant first moves in means a lot.
This could contain things that someone who has moved to a new location might want. For example, toilet paper, light bulbs, and a small stack of local Oklahoma take-out menus. If you want, you can even include a letter saying that you hope they enjoy the property.
More On Lease Renewal
By using the above, you should be able to ensure that any lease renewal period goes very smoothly. Though sometimes things do go wrong, and it is important to know what you need to do if the worst occurs. This is the reason that property managers exist, to make it easier on landlords and tenants alike.
We are ready to talk to you about your options when it comes to helping organize your residences and tenants. Our specialists have experience in dealing with a great many properties, so give us a call and see what we can do for you.