Have you recently noticed that you're losing your best tenants?
That's not ideal. As a landlord, you already know that finding a great tenant isn't an easy task. And when you find them, you want to build a relationship that will last way beyond the current lease.
While sometimes a tenant will move because of reasons beyond their control, such as a job transfer, they should never have to move because a landlord is slacking on some of their duties.
The good news is that through effective leasing management and a few other strategies, you'll enjoy greater tenant retention.
Learn more below!
Clever Leasing Management
It's not mandatory to require someone to sign a rental lease before they occupy your property. However, without a lease, keeping your best tenants will be harder.
Putting a tenant on a lease at least gives them a reason to stay through it, even when they might want to move sooner. Breaking a lease can have financial consequences for the tenant if the reason for moving is not legally protected.
Now that you know how a lease improves tenant retention, go a step further and put good tenants on longer-term leases instead of short or month-to-month leases.
Keep Your Rental in Great Condition
Landlords in Florida are legally required to keep their rental properties in a reasonably habitable state. This means staying on top of maintenance and making repairs when necessary.
Doing the bare minimum, though, might not be enough to make your property attractive enough to your tenants. Go the extra mile and make it a great place to stay.
In the sweltering Palm Coast heat, having an excellent air conditioning system in your rental property and installing other amenities that make the place more comfortable will go a long way in increasing tenant satisfaction. They won't feel compelled to move because your property isn't offering ideal living conditions given the climate of the area.
Invest in Tenant Screening
Finding tenants who are likely to stay longer is another way to keep a high tenant retention rate. Through robust tenant screening, you can identify such tenants.
For example, when you dig into a tenant's rental history and see plenty of moves within the past few years, it tells you that you're dealing with a renter who likes "house hopping." While that's within their rights, it's a red flag when you're looking for tenants who will stay longer.
Plus, tenant screening enables you to generally find reliable tenants who will be good neighbors. A tenant can want to move if they have a noisy next-door neighbor.
Start Improving Tenant Retention
A high rate of tenant retention keeps your rental income steady and makes your life easier. Effective leasing management along with proper property maintenance will ensure you're retaining your best tenants, but don't shy away from getting professional help from a property management company.
Everest Property Management is ready to take over the management of your Palm Coast property, offering excellent services that will lead to greater tenant satisfaction. Our experts have a combined experience of 20+ years and are committed to excellence and innovation.
Call us at (386) 246-2085 or drop us a line.
