You need to show your tenants some love.
Here’s why: retaining good tenants cuts down on vacancy loss and reduces what you’ll have to spend on turnover costs. Plus, when your best tenants renew their lease agreements time and time again, it’s basically proof that you’re a good landlord. Who doesn’t love that ego boost?
Not sure how to encourage lease renewals? That’s okay because we know a thing or two about that.
Healdsburg Property Management manages single-family homes, duplexes, four-plexes and multi-unit properties of up to seven units throughout Sonoma County’s Wine Country, including Healdsburg, Windsor, Northern Santa Rosa, Cloverdale and Forestville.
Let’s encourage your tenants to stick around!
Keep Your Sonoma County Rental Property Looking Good
When your tenants moved in, they were likely pleased with how clean, shiny, and new everything was. The walls were freshly painted, the carpets were newly steam cleaned, and all the appliances were sharp and modern.
There’s bound to be wear and tear over time. This happens every time a tenant takes up residence.
Maybe, offer a few improvements during lease renewal negotiations? You can offer carpet cleaning or a new refrigerator, if the existing appliance is on the fritz. Maybe your tenants really want extra security or better lighting in the bathroom.
Be willing to do these things. The investment isn’t huge, and it will mean not having to find a new tenant. These are updates and upgrades you’d likely make during a turnover anyway. We all know that a vacancy can cost much more than many updates. If small things like a new microwave will keep your tenant in place – do what you have to do. Conduct a walk-through inspection before you offer a new lease and see what you can offer.
Make Sure Living in Your Place is Low-Maintenance
Tenants rent instead of buying a new home for a variety of reasons. One thing they don’t want in a rental home is a lot of maintenance they have to take care of themselves. Your tenants don’t want to spend their weekends mowing the lawn and weeding the flower beds.
Nice landscaping is important. It creates curb appeal. Just make sure your tenants aren’t being called upon to do a lot of dirty work. Consider low-maintenance yards that keep water bills low.
Demonstrate Gratitude and Appreciation
When’s the last time you thanked your tenants for paying rent on time? Sure, it’s something you expect them to do, but it also provides an opportunity to let them know that you notice and you appreciate it.
Consider an incentive program. For example, when rent is paid on time 12 months in a row, offer a gift card to Amazon or a local coffee shop. Tenants will love that, and they’ll appreciate the gesture. It’s this type of thing that keeps them in place.
You can also forgive a late fee if you have a tenant who normally pays on time but got into trouble one month. When you’re willing to work with your residents, they’re more likely to be loyal and appreciative.
Keep Rental Increases Consistent with Sonoma County Rental Values
Most tenants expect their rent will go up every time they renew their lease. Don’t make it outrageous. A fair increase will match what the market demands. An irresponsible increase will chase away your good tenants.
These are a few of our best tenant retention suggestions. We’d be happy to tell you more and even happier to help you manage your Sonoma County rental properties. Contact us at Healdsburg Property Management.