Finding good tenants for your Jacksonville property is an art in itself, but getting them to renew their leases requires next-level skills. Low rent increases are one way to encourage tenant retention, but this is often difficult thanks to ever-increasing costs.
So, if you have great tenants in your Florida home and want them to stay, you'll need to offer them more. Avoiding the uncertainty and expense associated with finding new tenants makes the extra effort worthwhile.
Read on to discover how you can promote lease renewals for your Jacksonville investment properties.
Work on Tenant Retention From the Start
By law, you must remind your tenants that their lease expires at least 90 days before their last day of occupation. You must start working on getting them to renew their lease much sooner than that.
The first step involved in getting good tenants is screening every applicant. That way you're more likely to find good tenants that you want to keep in your home.
Work on establishing a positive relationship with your tenants throughout the lease period. This will go a long way toward ensuring they renew their lease.
Keep Your Tenants Happy
Routine maintenance is imperative for ensuring your home retains its value. It's also vital for your tenant's convenience and safety.
By keeping your rental property in great condition, you ensure your tenants have no complaints and reduce the need for emergency repairs. If something does need repairs, you must deal with the issue promptly and effectively.
Property inspections are an excellent way to stay up-to-date with maintenance issues. They also allow you to check in with tenants and discuss how you can help make their stay more comfortable.
An online tenant portal is another way to ensure convenience for your tenants. This technology offers convenient payment methods and clear-cut communications.
Incentivize Lease Renewals
You can offer some form of reward as a 'thank-you' to your tenants for renewing their lease. No matter how large or small the gesture is, it will make them feel valued and appreciated.
One of the best ways to encourage lease renewals is by offering your tenants a desired cost-saving upgrade. Some ideas include new Energy Star-rated appliances, solar power, or a tankless water heater.
Other thoughtful incentives include a free meal at a local restaurant or a free year of membership at a local gym. By getting to know your tenants, you can best anticipate what appeals to them.
Hire a Property Manager
A property management team has the time and expertise to nurture your tenant relations throughout the lease term. They will help you secure good tenants, keep them happy, and encourage lease renewals.
The Nest Finders Property Management team has many years of experience with rental real estate. We offer a variety of services to ensure your success as a landlord.
We can help you set up fair and legal tenant leases, carry out property inspections, and manage property maintenance. Reach out to discover how our expertise can help you maximize your Jacksonville, Florida, properties.
