How Can Boise Property Managers Increase Renewals?

While the first thing that all Boise property managers focus on with a new investment property is finding a qualified tenant for it, the next thing these professionals should be constantly working on is getting existing tenants to renew their leases when they expire. However, if you have several houses for rent in Boise or even an apartment complex, then you understand how difficult it is to focus on each tenant and when their lease is up for renewal. Below are a few tips for how you and your management team can improve your renewal rates.

 

  1. Establish a System - The first thing you and your Boise property managers should do is establish a system that notifies you when a lease is about to expire. For instance, if you have a computer program that notifies you of important business meetings, schedule a notification that will alert you a month before a tenant's lease expires. Do this for each tenant you have to ensure none of them slip through the cracks.

  2. Ask for Email Addresses and Cell Phone Numbers - This should be done when you or your property manager in Boise have a new tenant execute the lease agreement. You need to get a current email address and cell phone number from the tenant so you will be able to send them updates. Ask if the tenant has text messaging and if they would be okay with you texting them with important updates when they occur.

  3. Contact the Tenant 1 Month Prior to Lease Expiration - When you get that one month notification, have your Boise property managers pick up the phone and call the tenant. They should have the tenant's information in hand and double check to make sure all contact information is still correct. In addition, they should ask the tenant if everything is going okay with the property and if there is an issue that needs to be looked into. Making contact with tenants so close to a lease expiration is a great thing to do because it shows you care and that will be remembered when they make their lease renewal decision.

  4. Offer an Incentive to Stay - Finally, many professionals providing Boise property management have noticed an increase in renewals after they offered an incentive for the tenants to stay. For instance, if you have a tenant who is always on time with rent and never causes problems, why not tell him/her that in appreciation for his/her good tenant status, you will not increase the rent the normal 5% (or whatever it is) upon their lease renewal. Tenants like to know they are appreciated and when you show them, you're more likely to get a renewed lease.

 

   

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