Tennessee landlords need to work a little bit harder to retain tenants in today's rental market. That's because there's more rental space available in Tennessee than in most of the USA.
So, if you have good tenants in your investment property in the Clarksville-Hopkinsville-Oak Grove area, you need to start working on lease renewals now. Vacancies are expensive, and tenants have more options in this part of the world.
Don't wait until your bank account is as empty as your rental property. Rather, keep reading to discover the best leasing management tactics to boost tenant retention.
Use Leasing Management Technology
Using the latest property management technology can help increase your tenants' convenience. This software streamlines every aspect of rental property management.
You can easily keep track of bills and receipts for your own and your tenants' records. Most of this technology also provides access to a tenant portal, which facilitates the following:
- Real-time tenant communication
- Maintenance requests
- Rent payments
You can easily keep track of rental property repairs to ensure your property is always at its best to enhance your tenants' comfort.
Stay Up-to-Date with Rental Property Maintenance
Prioritizing tenant repair requests is an important part of property management, but routine maintenance is just as vital for tenant satisfaction. It's also a legal requirement in Tennessee.
Routine property inspections are ideal opportunities for seasonal tasks like changing your HVAC filters and checking for any necessary repairs. They also give you a chance to connect with your tenants and establish positive relationships with them.
Staying on good terms with your tenants is an important part of encouraging lease renewals.
Consider Lease Renewal Incentives
Most tenants will look around for cheaper or better accommodations as they approach the end of their lease. Offering tenant incentives for lease renewal can help sway their decision in your favor.
Some things you can do to encourage lease renewals include offering a few months at a reduced rent or carrying out desired property upgrades.
You can also offer a small thank-you gift for lease renewal. Some ideas include:
- Gift cards for local stores
- A meal at a swish restaurant
- Gym memberships
These tokens of appreciation help your tenants feel valued and set the tone for a long and positive association.
You can start reminding tenants about upcoming lease renewals at least three months before the lease ends. Use this as an opportunity to hint at potential incentives for renewal.
Hire an Oak Grove Property Manager
From the above, it's easy to see that tenant retention is a full-time job for Tennessee landlords. Hiring a property manager helps you manage it all without having to take time out of your busy schedule.
PMI Eagles offers a full bouquet of property management services, including effective leasing management to limit vacancies. We'll help you find great tenants and keep them in place.
Contact us to discuss your property management needs and find out more about how we can help you thrive as a Clarksville, Hopkinsville, or Oak Grove landlord.
