Rental vacancies across California are at the highest level in two years, leading to fierce competition amongst landlords looking for new tenants.
If you're lucky enough to have good tenants in your Irvine properties, you need to make sure your leasing management is on point if you want to keep them there.
Find out the best tactics for encouraging lease renewals and ensuring ongoing rental income from your Irvine investment properties.
First Find Great Tenants
Bad tenants will cause nothing but trouble and financial stress, so it's important to carefully screen every tenant application you receive. These background checks help you confirm whether a tenant can afford to rent your property or whether they have a history of evictions.
When you take time to research every tenant carefully, you've got a better chance of renting your investment property to a good tenant who pays their rent on time and takes good care of your investment property.
Be a Good Landlord
Tenants are more likely to renew their leases if they like their landlord. Some ways to build positive relationships with your tenants include:
- Clear cut communications
- Performing maintenance requests promptly
- Take care of routine maintenance regularly
- Implementing a convenient online tenant portal
When you visit your rental property for routine inspections, take time to inquire about your tenants' well-being and do your best to implement any improvements to the property they may suggest.
You should make it clear early on in the lease that you'd like them to renew it. This makes them feel valued and appreciated.
Offer Incentives For Lease Renewals
Another way to express appreciation to your tenants and show you're serious about renewing their lease is by offering them a benefit for doing so. This could be one of the following:
- A few months of reduced rental
- Completing a desired upgrade
- Free meals at a local restaurant
- A year's gym membership at a nearby fitness center
If you've taken time to get to know your tenants, you'll be able to anticipate what might appeal to them the most.
Hire Leasing Management Services
Leasing management services carry out a host of tasks related to your tenants' leases. These include:
- Tenant screening
- Lease creation
- Rent collection
- Property maintenance management
- Lease renewals.
Leasing management services take care of these aspects in a way that ensures tenant satisfaction. They set up legally compliant leases for your properties and notify tenants of upcoming lease expiration dates in good time.
Hiring a professional to take care of these aspects helps alleviate all the worries associated with lease renewals.
Get the Help You Need Today
If you're struggling to keep track of all the tasks associated with managing your investment properties, PMI Orange County can help get you back on track.
Reduce your stress and free up your time by handing over your leasing management to our expert team of property managers. We are backed by over 20 years of experience in California real estate.
Get in touch today to explore our winning strategies for retaining tenants.