The days are longer, the birds are singing, school is out, and… you have to scramble to find a new tenant? Summer is a common turnover time for leases. Many tenants may be looking for new opportunities and moving out. Others may just be thinking the grass is greener on the other side and are exploring other renting options. As a landlord, it is in your best interest to make sure that your tenant does not get to the end of their lease and decide not to renew, leaving you stressed and scrambling to fill the vacancy. There are many things you can do to prevent this from happening ahead of time. Here are some essential tips for reducing the dreaded summer turnover:
Communication, communication, communication!
During this time, communicating with your tenant can mean the difference between a fruitful, profitable relationship and having to scramble to fill vacancies. Being open, responsive, and friendly with your tenants will make them feel heard and happier. Although it seems like a small thing, having a good relationship can go a long way in ensuring your tenants are happy and stay in the lease throughout summertime and beyond!
Another big thing you can do is to invite your tenants to renew their lease three months before the end of their contract. Make sure you transparent about any rent increases to give them adequate time to plan. Not only is this courteous, but it will also give you more time to find a new tenant ahead of time.
Anticipate your Tenant’s Thought-Process
Does your tenant stay somewhere else during the summer? Offer flexible sublet options! Your tenant will be able to stay in their lease because of its flexibility and will feel like they are being heard and understood by you. They will likely feel more respected as a tenant if you anticipate their needs ahead of time. This can be done through what seems like inconsequential small talk. Did your tenant mention going on vacation somewhere during the summer months last time you spoke? Offering them flexibility that is specifically suited to them makes for a more loyal tenant in the long-run.
Save your Tenant Money
The golden rule to keep in mind is that tenants are always looking to save money. Perhaps you can make the home more energy-efficient, so they have fewer bills during the hot summer months or offer loyalty incentives such as free wifi. Every home and tenant is unique, but anticipating ways to save money will put you ahead of the curve of all other property owners. Whatever solution you choose, make sure that it meets their goals, which will eventually help you achieve your goals. Finding creative ways for your tenant to save money will increase their loyalty and create a fruitful relationship that will likely last longer.
Working with a professional property manager, you can avoid the summer turnover of leases by keeping your clients happy.
Contact our office today and let us help you keep your properties filled and tenants happy.