Lease Renewal Strategies: How to Retain Valuable Tenants

Lease Renewal Strategies: How to Retain Valuable Tenants

If your tenant told you tomorrow they were leaving your property, how would you react? If your instinct is one of sorrow and disappointment, chances are you've struck it lucky with a trustworthy tenant you want to keep.

If that's the case, read on. We have some lease renewal strategies that will help to change your tenant's mind and keep them in your Redwood City property.

Improve Your Relationship With Tenants

Tenants are more likely to renew a lease with a landlord they know and trust. You can nurture this by improving your communication and ensuring you're approachable.

Offer email and phone numbers; give them an alternative contact if you are unavailable or on vacation. When tenants talk to you about their concerns, take the time to listen to what they have to say. And always follow up on those conversations with answers or actions so the tenant can see that you are listening to them.

Provide Some Incentives for Renewing a Lease

You can make your lease more attractive than similar properties on the market and improve your chances of keeping a good tenant. Do that by offering incentives that the tenant is unlikely to find elsewhere.

For example, if the tenant has lived in your property for some time, you could reward them with a discount on the rent, either for a short period or for the length of the new lease. Or you could waive fees. You could also opt for more flexibility, like a shorter lease or notice period.

Keep the Property in Excellent Condition

Making your property more appealing will help secure a good tenant, making it easier to secure new tenants if you re-advertise it. Your priority is to tackle any property maintenance.

Be proactive and get issues sorted before they turn into complaints. Arrange HVAC and electricity inspections, so you know they're in good working order. If parts of your home look tired, invest in some renovations.

A new kitchen or bathroom will always be a welcome addition for tenants. If you have outdoor space, you could invest in landscaping or a downstairs extension.

Offer Customisation

Tenants like their rental to feel personal, and decorating it to their tastes is appealing. If you have a tenant who wants to put some personality into the property, allow them the flexibility to do interior changes, like painting walls and adding artwork.

If you plan minor upgrades like new flooring, you could let your tenant pick the style and color. However, if you allow tenants the chance to customize, always provide some guidelines to ensure any changes don't devalue the property.

Lease Renewal Strategies That Get You Results

It's common for landlords to worry about the next tenant that will enter their property, so when you have someone who has proved dependable, it's worth trying these lease renewal strategies to keep them.

Our team at PMI Redwood Reality can help you with that.

Our full-service property management means your tenant gets an attentive team and an experienced property manager in Redwood City, CA. Find out more about our property services here.