Have you ever heard the phrase, 'It's easier to keep customers than to find new ones'? Well, the same applies to being a landlord.
Not only is keeping tenants easier than searching for new renters, but it saves time and money. This means you can earn more with less stress, which is the perfect scenario for a Chicago landlord.
Let's find out how to encourage tenants to sign lease renewals.
Be Responsive to Tenant Needs
Tenants want to know that their landlord cares about their experience and listens to their needs. Responding positively to reasonable requests will make them feel welcome in your rental. They won't think they're simply there as a paying guest.
For example, they may ask for simple improvements such as repainting a room. This takes little time, effort, or expense, but it can make a big difference to your tenants.
Take a Proactive Approach
One of the most successful tenant retention strategies is to be proactive. If you can see some issues that could arise, don't wait for your tenants to come to you.
For example, if you notice a couch is past its best during an inspection, you could offer to buy a new one before it worsens. You might also consider adding smart home features that are becoming popular and can make your tenants' lives more convenient.
This thoughtful approach can encourage renters to stay when the lease agreement renewal time comes.
Offer Lease Renewals Early
You should never let a lease contract run to the end before offering a renewal. If you put yourself in your tenant's shoes, you'll understand that this could leave them anxious about having nowhere to live if they don't get to sign a new agreement.
That may lead them to look for other properties in the area and sign a contract with a different landlord. To prevent that from happening, offer your renters a renewal around three months before the end of their current contract.
Be Flexible When Possible
It's one of the most underestimated lease renewal tips, but being flexible can help encourage tenants to sign lease renewals. For instance, if there are plenty of renters in the market, you could agree to a shorter lease term, as you know there will be plenty of demand for your property at the end of the period.
The key is not to let your reasonable approach affect your profits. This is why it's often best to work with a Chicago property management company that can negotiate on your behalf.
Contact PMI Cook County
Mastering the art of lease renewals is a vital part of becoming a profitable Chicago landlord.
By working with the property management experts at PMI Cook County, you can look forward to boosting your tenant retention rate, saving you money on marketing your property. As part of a franchise with over two decades of experience in the property management industry, you can trust us to deliver.
Schedule a consultation with PMI Cook County today to learn more.
