Tenants are a rental property owner's most important asset. Without a good tenant, real estate investors have no one to pay the rent, and their returns plummet!
Maintaining consistent income is easier when renters renew their leases. Tenant turnover is expensive and time-consuming, so it is essential to find ways to keep renters in your properties long term. In this blog post, we discuss three strategies that Jacksonville property management companies use to turn renters into long-term tenants! Investors, apply these strategies to turn "renters" into "long-term residents!"
What Is An Excellent Renter?
Property management experts know that an excellent renter pays the rent on time, takes care of property upkeep, and does not disrupt other tenants. The best residents in Jacksonville and the surrounding areas also follow the rules in the lease agreement that they signed and often renew their leases for more than one term in your rental home.
Why Do You Want Good Jacksonville FL Renters to Stay?
Isn't "any" renter that pays the rent a good one? Not always!
When good renters stay, they help property owners make more money! The longer tenants are in a property, the more rent you'll collect (without missing days, weeks, or even months), and the less time and money you'll spend screening to find new renters. When residents renew, investors don't have to deal with lost income due to vacancy or marketing costs.
Finding and keeping the best tenants is critical to maximizing returns as a rental property owner. Keeping good residents means you reduce the risk of replacing them with a bad tenant when it's time to fill the vacancy.
What Strategies Can Property Owners Apply to Retain Good Tenants?
The three strategies that property management companies use to turn "renters" into "long-term residents" include tenant screening, a proactive lease renewal process, and handling maintenance promptly. Let's dive deeper into each property management strategy below!
1. Consistent Screening
Placing better renters that stay longer requires starting with quality tenants! Every prospective tenant should pass through a thorough tenant screening process.
Rental property management services in Jacksonville screen potential renters based on their credit score (most landlords require a minimum of 660), criminal history check, rental history, and an in-person or virtual interview. A complete tenant application should include questions about employment or income information and references from landlords or previous employers (with contact numbers).
If you don't have the resources to conduct background checks for every applicant, work with property managers in Jacksonville to handle marketing, screening, and leasing for your real estate investments!
2. Proactive Renewals
Property management in Jacksonville knows that waiting until the last minute to ask a renter to stay can leave you without a good tenant in your property! Before your best residents have a chance to start looking for a new home, touch base with them about the end of their current lease term.
Talk with them about renewing their lease and make sure the home you provide meets their needs. If they have questions or requests, work with them to accommodate anything reasonable and make adjustments to the rental agreement, if necessary.
Planning for upcoming renewals at least 60-90 days in advance can help you keep more quality renters for multiple lease terms.
3. Prompt, Quality Maintenance Services
A property owner who responds promptly to requests or emergencies builds better long-term relationships with renters. When you take care of things quickly, your residents appreciate it!
When a renter has an issue that needs immediate attention (such as not having hot water), property owners should respond within 24 hours. If the problem is more complicated and requires repairs, Jacksonville FL property management experts will contact the renter and discuss the plan for fixing the issue while minimizing disruptions.
A proactive maintenance plan also helps rental owners keep renters longer. When residents live in a well-maintained home with professional maintenance services readily available, they're less likely to leave. They're also more likely to take good care of your rental when they see the attention you focus on keeping homes in excellent shape.
Start With an Excellent First Impression
Starting new renter relationships on the right foot also helps property owners keep good residents longer. Welcome new renters to a clean and well-maintained home by conducting a thorough make-ready process before move-in day.
When renters walk into a home that doesn't require immediate maintenance requests or cleaning, they're more likely to feel at home and valued. Making an excellent first impression helps investors build positive relationships and renew more residents!
Experience More Long-Term Renters With a Property Management Company!
As a real estate investor, you want to keep your renters happy and in the property for as long as possible. By implementing the strategies in this blog post and working with experts that provide Jacksonville property management, you'll be able to do just that!
Spectrum Realty Services can help renters stay longer than one lease term by providing thorough renter screening services, starting renewals early, and keeping your rental properties well-maintained. If you're looking for an experienced team of professionals who can take care of all your needs from beginning to end, give us a call today!
Give your new renters an excellent first impression! Download our free Make-Ready Checklist.