Saturday, 23 February 2019
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This Old House - Do-it-Yourself

Tenant Retention: 5 Effective Ways To Encourage A Longer Lease

Written by Posted On Sunday, 10 February 2019 22:58

The reality of the rental business is that tenants come and go. You can better maximize your profit as a landlord by keeping your turnaround expense at a minimum. So how do you make your rental property more attractive to prospective tenants?

Here are 5 ways to increase your chance of tenant renewals and long term tenancy agreements:

  1. 1.  Beautify Your Property - Your rental property should shine in comparison to other properties that prospective tenants are considering. This is possible by showcasing a clean and well-maintained apartment. You can spend a day looking around the other properties in your neighborhood. Your tenants are sure to stay if they think that they are getting a good deal.
  2. 2.  Creative Advertising Ideas Work - Identifying your target market is essential to marketing your properties. One effective way is to make use of the different online media platforms. Avoid using poorly lit photos, boring languages or too little context when listing your properties. Ask your other tenants for possible referrals. You can also do a walk-through video of your property using your smartphone.
  3. 3.  Leasing Incentives For Renters - Offering a small discount is one good way to convince excellent renters to sign another long-term lease. For example, a longer lease of at least 18 or 24 months will mean a lower monthly rent. The longer the tenant is, the bigger the discount they can get.
  4. 4.  Rent Signs - There are multiple ways to use the internet to advertise your rental properties. In the same way that a “For Rent” sign can be a good indication that the property is vacant and attract potential renters. If you own a website, make it serve as the advertising central for your rental property listings.
  5. 5.  Select A Perfect Time For Your Open House - Most would agree that weekends are the absolute best days to host an open house. Make sure your neighbors know and do not hesitate to go door to door to extend an invite personally. Prepare informational packets for your guests that will detail information about the property and its amenities.

If you own a rental property and need help finding reliable tenants, a property management in Bakersfield like Synergy Property Management  can deliver.

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Synergy Real Estate

As a Real Estate and Property Management Company in Bakersfield CA, we strive to always provide our clients with the highest quality services. Focusing on working mainly with sellers and investors, we are able to provide our clients with first class analysis of properties that help to grow and manage their portfolios. We offer a flexible pricing, starting at just 5.5% TOTAL Commission, to help with whatever needs you have!

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