If you're a landlord in Dunedin, Florida, you might have been enjoying robust business recently. After all, new listings, housing prices, and rents have all been on a strong upward trajectory in recent years, as ever-greater numbers of people flock to the Tampa-St. Petersburg-Clearwater Metro Area.
However, this should not be taken for granted. A recession is coming and the market is turning down across America. Now is the time to secure lease renewals to ensure long-term revenue streams.
If you can keep your best tenants, you'll be in good standing no matter which way the market moves. With that in mind, here are our tips for Dundein, FL landlords looking to secure those lease renewals ASAP.
Start Early
The last thing you should do is wait until the last minute to solicit a lease renewal. This is an all-too-common landlord mistake.
They often wait until the last minute, at which point the tenant has already made plans and moved on. You should offer incentives for renewal from the very first day of the tenancy.
If not, make sure to maintain strong tenant communication as early as possible, and remind them that there are benefits to renewing.
Proactive Maintenance
Rental property maintenance is absolutely crucial. Nobody wants a lazy landlord who ignores problems and only steps in when they absolutely have to.
By responding to maintenance and repair requests quickly, or even addressing them before they arise, you are having a strong positive impact on the quality of life of your tenants.
Anything else leaves a bad impression. It convinces tenants that you don't care, and are not invested. If you want them to keep spending their money with you, make it worth their while.
Be Flexible
Rental property rules exist for a reason, be it for pets or for payment. Yes, we need our tenants to respect certain limitations, follow contracts, and pay the rent on time.
However, a little bit of flexibility can go a long way if you are trying to secure a renewal. For example, you could offer a rental payment grace period that begins after the tenant has signed their renewal.
This goes a long way towards showing that you want to build a positive relationship built on trust.
Offer Strategic Upgrades
Oftentimes, a tenant leaves because their current building just doesn't offer enough. This is especially true for the sorts of higher-income, more discerning tenants that you want to keep the most.
As renewal time approaches, you can sweeten the deal by implementing some strategic upgrades. For example, turning an unused basement into a common area is low-cost and high-impact.
Consider upgrading outdoor spaces with a little bit of landscaping or by adding a patio. These will stick in the tenant's mind when it's time to renew.
Consult Professionals in Lease Renewals Today
Lease renewals are about long-term persuasion. It's about having a strategy in place and using your resources strategically to build long-term revenue streams. For this, we recommend speaking to the experts.
At PMI Palms, we have a track record of management renewals on behalf of Dunedin, FL landlords. We can help you fine-tune your approach to keep your best tenants. You can schedule a consultation with our team today to find out exactly how we can help you.
