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Increase Lease Renewals in Tampa With These 7 Simple Tricks

No landlord likes to lose a tenant when their lease term ends. This means taking the time to advertise, show the property, and screen tenants to fill your vacancy.

What if there was a way to avoid going through this process every year?

Fortunately, there is!

tampa tenant signing lease renewal

Landlords can boost their tenant retention in Tampa and even increase their profits just by making seven simple changes. Rather than focusing on acquiring new tenants, landlords need to focus on keeping the ones they already have.

By the end of this article, you’ll have learned exactly what you need to do to create a promising tenant retention plan for your rental properties in Tampa, Florida.

 

Tenant Acquisition vs. Tenant Retention

Did you know that acquiring new tenants is more expensive than retaining current tenants?

That’s right! When you need to fill a recent vacancy, you could actually be decreasing profits from your rental property investment.

Just think about all of the expenses and time you spend acquiring a new tenant. You’re paying for advertising materials such as flyers and online listings and maybe a hefty broker’s fee if working with a real estate agent.

Not only do the expenses add up, but you must carve time out of your busy schedule to conduct showings of the property to prospective tenants.

All this while losing rental income because the property is sitting vacant while you’re trying to find new tenants.

Below, you’ll find simple methods to boost tenant retention and get even more lease renewals in Tampa, so you don’t have to go through this process again.

1. Provide Effective and Efficient Communication with Tenants

The phrase “communication is key” rings true when it comes to landlord-tenant relationships. Keeping open and efficient communication will make your tenants feel more comfortable and trusting of you as their landlord.

Before your tenants move in, define a means of communication. This is the easiest and quickest way your tenants can reach you for non-emergency matters. It can be texting, emailing, or a phone call.

It’s also important to provide your tenants with an emergency phone number where you can always be reached.

Along with setting a primary means of communication, make sure to answer tenants promptly. Don’t let their texts go unread for hours or even days. Even if you can’t answer right away, let them know you’ve seen their message and will respond soon.

 

2. Keep the Property in Good Shape

Maintaining your property and keeping it in good condition is critical for boosting tenant retention in Tampa. It’s easy to sometimes forget about your property when you aren’t visiting it often.

If when you are visiting and notice something that should be repaired, make sure it is.

The same goes for when tenants make a maintenance request. Don’t leave your tenants waiting days or weeks for an essential appliance to be repaired. Maintain a good relationship with professional home improvement contractors or learn how to make repairs yourself to make sure they’re made promptly.

 

3. Check in with Tenants

Every so often, make sure to check in with your tenants for a quick conversation. A good landlord gets to know his or her tenants on more than just a surface level. Enjoy a good conversation about the property or neighborhood and learn about them.

When you get to know your tenants, you will seem more personable. They will also feel that you see them as more than just a paycheck when they give you rent.

While checking in, you can ask for feedback about the property. There may be a slight annoyance with a drawer or light fixture that your tenants don’t feel is necessary to bring you out to fix. However, if you’re already there and talking, they can bring it up without feeling like a bother.

 

4. Avoid Raising the Rent

As a landlord, you may be tempted to raise rent to keep up with the current market. It can be a difficult position to be an investor watching your ROI and wanting to please tenants. However, we advise you to avoid raising the rent if you’re going to boost your tenant retention in Tampa.

The price of your property may have been the deciding factor for your tenants to sign the lease. If you raise the rent to a price they are uncomfortable with, you risk losing them.

Although, you could use the possibility of raising the rent to encourage your tenants to renew their lease with you…

 

5. Offer a Lease Renewal Incentive

While you may have no intention to raise your tenants’ rent, you can make it seem like you do. To incentivize your tenants to renew, let them know that if they renew by a certain date, you will keep the rent price as it is.

However, if they renew after a specific date, you will raise the rent to match the current market. This incentivizes tenants to renew their lease and lock in their price for another year rather than paying more for a new apartment.

There are other ways to offer incentives, though. You could give a discount on one month’s rent, offer a referral program, or even promise to update or modernize part of the property.

 

6. Comfort is a Priority

When you’re home, you want to feel comfortable. You want to relax and feel well-rested. The same goes for your tenants. While they may be living in your property, they still consider it their home.

So, make sure your tenants are comfortable in your rental property. Ask them if there is something you can do to make them more comfortable. Maybe the air conditioning isn’t cool enough, so you offer to put in a new one.

When your tenants are comfortable, they are more likely to stay, therefore boosting your tenant retention rate.

 

7. Let the Professionals Handle It

An even better way to boost tenant retention in Tampa is to let a professional property management company manage your property. Tenants will interact with an experienced team that has a retention plan in place.

You won’t have to worry about answer your tenants’ messages, finding new tenants to fill vacancies, or handle maintenance requests. The property management company you’ve hired will do everything for you!

In fact, 81% of landlords work with property management companies because they will handle their property’s maintenance.

 

See How InvestPro Can Boost Tenant Retention in Tampa Today

InvestPro Properties Inc. helps landlords in Tampa get more lease renewals with their proven methods, impressive professionalism, and years of experience.

Get your free rental analysis to see how much you can rent your property in the Tampa area and boost your tenant retention rate today!