As a landlord or property manager, tenant retention is critical to the success of your business. When a tenant decides not to renew their lease, it can lead to costly turnover expenses and a loss of steady rental income. Therefore, it’s important to pay attention to any signs that your tenants may not be planning to renew their lease.
Here are several tell-tale signs to watch for and what you can do about them:
Lack of communication: If your tenants are not responding to your messages or calls, it could be a sign that they are not interested in renewing their lease.
To address this, try reaching out to them in different ways, such as email or text message. Check in on them regularly and not just on lease renewal period. If it’s a long term, valued tenant, you may ask for a visit to say Hi and bring them a bottle of wine or some baked goodies.
No maintenance requests: If your tenants are hesitant to schedule maintenance appointments, it could be a sign that they are avoiding any commitments that would extend their tenancy.
Consistently reach out to them to see if there are any maintenance issues that need to be addressed and make sure that they are attended within a reasonable time.
Increased noise or disturbances: If you notice an increase in noise or disturbances coming from your rental property, it could be a sign that your tenants are preparing to move out.
Check in on them, remind them of their lease obligations and address any concerns they may have.
What else can you do before these signals even surface?
Proactively build a positive relationship with your tenant so your relationship is not only transactional. Explore offering Sperlonga’s Rent Reporting with a Credit Score Dashboard and ID-Theft Protection Insurance to your tenants. This will not only help establish tenant loyalty but also open other benefits for you as the property manager or the landlord.
- Increase in revenue. You may offer this wealth-building amenity at a premium to your tenants. Sperlonga Data offers guidance on pricing models so you can gain ancillary revenue from this program. This will actually make Rent Reporting pay for itself.
- Increase in tenant trust. Showing that you’re invested in helping your tenants build or boost their scores could help you establish or strengthen that relationship with tenants. Better credit scores could improve their chances of being approved on different credit products or get better terms. This could be key in them achieving their financial milestones .
- Tenant’s wealth is protected. ID-theft has become a great risk in a digital era. Help protect your tenants’ wealth and directly, their capacity to pay by providing them this protection. ID-theft protection insurance is usually offered separately from Rent Reporting. Choose a provider that offers both.
- Increase in payment compliance. If tenants know that their rent payments are being reported, this adds additional incentive to continuously pay on time, and provides a mechanism that discourages late or missed payments.
- Tenants become more credit conscious. If tenants can see their credit score, the more likely they will maintain a good credit standing.
As a landlord or property manager, it’s important to be proactive when it comes to tenant retention. By paying attention to the signs that a tenant may not renew their lease, you can take steps to address any issues and hopefully keep them as a long-term renter. However, there are also things you can do before these signals even surface to establish a positive relationship with your tenant and increase the likelihood of them renewing their lease.
Offering Sperlonga’s Rent Reporting with a Credit Score Dashboard and ID-Theft Protection Insurance is one way to do this. Not only can this benefit your tenants, but it can also increase your revenue and improve payment compliance. By being proactive and taking steps to establish a strong relationship with your tenants, you can help ensure the success of your rental business.
Schedule a chat with our Credit Reporting Experts to learn how Rent Reporting could work for your properties. Schedule a Meeting Here.