Keeping your tenants happy and renewing your property leases is a win-win situation for both parties involved; it keeps them staying in a unit they love, while it increases your business revenue. As a landlord or a property manager, your duty is to ensure that your property is maintained at the highest level and is sufficient for your current residents. When you create a positive living environment for your tenants, you have created a true and lasting partnership with them, instantly increasing your chances of lease renewal.
As an experienced property management company in the GTA, Mareka PM strives to understand your values and work side by side to develop a successful plan that keeps everyone satisfied. Our condo management in North York has the proper expertise and qualifications to leverage your property, while continually renewing leases in your residential property. When tenants feel comfortable in their home, they’ll stay, and if they feel they can find a better place, they will move. It’s as simple as that. We’re here to make sure your property attracts new residents while keeping your current residents satisfied.
So how do you ensure that your tenants will return and are happy with the property management services, while you continue to run your establishment? We have your guide on how you can keep residents returning and how to form a trusted bond within the tenant community.
5 tips on how to get residents to renew their leases in your building
- Be honest. While you are conducting the interview process, inform your potential residents that there are annual rental adjustments. Provide them with accurate yearly rise costs, and set up the expectations from the beginning of their lease signing. By letting them know upfront what they can expect, they can trust you further when it comes to resigning, knowing that there are no negative surprises waiting for them.
- A personal follow-up phone call. A month after your residents have moved into one of your units, make sure to thank them for choosing your condo! Gratitude goes a long way, and showing appreciation is the perfect way to meet any potential challenges with optimism and collaboration if you ever need their approval.
- Consider referral opportunities. When a vacancy appears, make sure to inform your current residents of the opportunity to personally pick out their new neighbours! Providing them with incentives can quickly occupy your empty unit while allowing your tenants to choose an appropriate resident to move it. Keep your vacancy rates low, and you’ll have a majority of your residents signing their leases year after year.
- Address their complaints quickly. Whether it’s a noisy neighbour or their dishwasher has stopped running, ensure that you let your tenants know that they are your top priority. You should aim to resolve any complaints within a week’s time to prevent any further resident issues because a resident without legitimate complaints will look stellar on your reputation as a landlord or property manager.
- Offer a grace period when collecting monthly rent. The COVID-19 pandemic has left many without a full-time job, and instilling a few days grace period for collecting rent can be an enormous benefit to your residents. Keeping that in mind, a grace period that exceeds more than a week can easily be manipulated, but confidently assuring your tenants that you understand their tough circumstances can solidify their lease for years to come.
Keep your residents returning and happy with our professional property management company in the GTA!
Generate constant revenue, occupy a majority of your units and ensure that your tenants remain happy with our tips on how to renew their leases, year after year!
Contact us today to collaborate with our property management services and enjoy the benefits of happy and returning residents!