Picture a renter who doesn't cause problems, always pays rent on time, and is friendly with their neighbors. If you're picturing someone specific, you'll want to retain that tenant long-term. The best tenants provide you with a steady source of income without causing unnecessary stress.
Here are a few leasing management hacks that can help you generate a better ROI! Start maximizing profits and reducing costs with these tips.
Before renting out your Orlando investment property to new tenants, screen them thoroughly. Screening tenants can help you avoid renters who:
- Cause problems
- Annoy neighbors
- Damage your property
- Pay rent late
Between 2019 and 2022, the Consumer Financial Protection Bureau received 26,700 complaints related to tenant screening. About 65% of these complaints involved inaccurate information. Consider outsourcing your tenant screening process to ensure you're gathering accurate information about potential renters.
Reports should include employment verification, rental history, and criminal background checks. Choose renters you can trust with your property. You can retain these renters long-term to gain an ongoing source of income.
Improve your tenant-landlord relations. Tenants will see that you're cooperative, friendly, and caring. They'll know they can come to you with their concerns and questions.
Maintain an open channel of communication to avoid misunderstandings. Always speak to your tenants in a kind, professional manner. When they sign their lease agreement, let them know how they can contact you.
Listen to the feedback your tenants send. Making adjustments based on their feedback will allow you to meet market demand.
Future renters will see you're able to meet their needs and expectations. They may feel more inclined to choose your rental property. Meanwhile, your current tenants may feel more inclined to stay.
When tenants do have concerns, address them quickly. The longer they wait for help, the more frustrated they become. Improving their living conditions will show tenants you care.
You'll also have an easier time maintaining your real estate investment.
Use the feedback you gather from your tenants to make informed changes to your real estate property. These changes can make your property more appealing to future renters. It can also help you retain your current tenants.
For example, you can make energy-efficient improvements to the property. About nine in 10 people prefer homes with lower energy costs and energy-efficient features.
Try offering tenants smart thermostats, energy-efficient appliances, and high-speed internet.
Give tenants a 90-day notice when their lease is about to end. Review the lease conditions and determine if they want to renew their lease agreement. Giving them a notice will give you time to attract new tenants in Orlando.
Don't rush to increase your rental prices. Instead, use dynamic pricing to make adjustments based on real estate trends.
Improve Your Leasing Management
Developing a lease management strategy can help you find and retain amazing tenants. Use these tips before renting out your next unit. With these tips, you can make the most of your Orlando real estate investment.
You don't have to improve your lease management alone. Instead, consider hiring a property manager.
Verandah Properties has over 25 years of real estate industry experience. Our systems, processes, and experience can help you generate a better return on your investment. Contact us today to learn how we can ensure your success!