Boca Raton may have the lowest property tax rates in Florida, but that's little comfort for landlords who need to pay for these and other carrying costs on vacant properties.
These expenses include utilities, routine maintenance, and your mortgage, as well as many other expenses related to keeping your property in good condition.
That's why lease renewals are pivotal to your success as an investment property owner. During our years managing investment properties in this area, we've learned all the best ways to find good tenants and keep them in place.
Keep reading for insights into how you can get your tenants to renew their lease agreements.
Aim for Excellence at the Outset
Your first interactions with your tenants begin before you meet them. They'll form their first impression of you and your property when you advertise it.
There are two main ways you can create a good impression on prospective tenants at the outset:
- Setting up a fair rental rate
- Upgrading and refurbishing your property
These first steps set you up as a reasonable landlord who's invested in the welfare of their tenants. They will also create a desire to rent your property.
Once you've managed to attract applications from prospective tenants, you must screen each tenant according to Florida law. Tenant screening ensures you end up with good tenants who can afford to renew their lease agreement.
Ensure Exceptional Tenant Experiences
Your efforts shouldn't end once you've got tenants in place. Regular property inspections allow you to interact with them and discuss any concerns that arise.
Regular, transparent communication helps uphold good relationships with your tenants.
Routine maintenance goes a long way toward ensuring they want to stay on your property. It also preserves the value of your real estate.
It's vital to have someone on call around the clock to attend to urgent repairs and manage queries. Hiring a property manager is the best way to achieve this.
An online tenant/owner portal helps streamline communication, rent payments, and maintenance requests.
Promoting Lease Renewals Requires Ongoing Efforts
Tenants don't typically think about renewing a lease on the spur of the moment. They're bound to start researching other options at least a few months before their lease expires.
Don't wait until a month or two before it expires to mention the renewal of the rental lease. Promote the possibility of a lease extension throughout your tenants' stay.
Touch base with your tenants throughout their lease period to find out how you can make their stay more comfortable. Sometimes a simple fix, like installing an extra light fitting, can simplify their lives.
Consideration and communication go a long way toward encouraging them to sign a lease renewal agreement when the time comes.
The Easiest Way to Keep Your Tenants Happy
Keeping track of all the tasks required to encourage lease renewals can become arduous for busy property investors, especially those with little experience.
The best way to maximize your tenant retention efforts is to hire an expert. Our PMI Beach Properties team is dedicated to keeping our landlords' properties occupied and profitable.
Get in touch for expert assistance with managing your Boca Raton property.
