If you’re lucky, you’ve finally got the right tenants in your rental property. They take care of your property, they’re considerate and they always pay their rent on time. Keeping tenants like this should be a top priority on your list especially when you consider the expense of having an empty property and the time and energy it takes to find new qualified tenants. Making a few small gestures may help incentivize these dream tenants to renew their lease when it’s time, making your life as a property manager a lot easier.
- Discounts or Signing Bonus
Think about offering your tenants a discount or a signing bonus for renewing their lease. This could be $100 dollars off the first month of the renewed lease or some other perk. The cost of the bonus will be far outweighed by another peaceful year filled with rent money that’s paid on time.
Nothing gives a property a face lift like fresh paint. It’s an inexpensive way to spruce up your property and make your tenants feel like it’s brand new. Think about repainting a few rooms or the whole property to incentivize your tenants to renew their lease. Even better, let the tenants select the colors from a palette you’ve approved. Choosing the colors will make the tenants feel even more like the property is their long term home plus they will appreciate that you cared about their personal preferences.
- Anniversary Gifts
We all know in life that small unexpected gestures go a long way in making a lasting impression. So when it’s time for your tenant’s renewal, present them with an anniversary gift of a nice bottle of wine or a small gift basket to thank them for a great year. Make sure you let them know you’ve appreciated the kind of tenants they are and provide them with a renewal lease. They will be grateful for the gesture and will be reminded that you’re a landlord that cares.
Is there an appliance at your property that you know has seen better days? There is no time like lease renewal time to swap out a tired appliance. Your tenants will be excited to get a new dishwasher, stove or refrigerator and you will save money on potential repair bills, time and frustration. The upgrade doesn’t have to break your bank if you look for sales and find a good deal on an appliance. Even if you don’t spend a lot, the tenants will feel like you made a big investment in their comfort and that will pay off at renewal signing.
These are just a few examples of ways to keep a good tenant. Get creative and use these tips to find meaningful ways to express your appreciation. A little energy and investment will go a long way in keeping your rental property in the right hands!