As an Atlanta real estate investor, you know that fewer vacancies and shorter decreasing vacancy times are critical to your success. Empty rentals mean you're losing money, while tenants who pay the rent on time, take care of your property, and follow the rules are assets that boost your returns!
What are some of the steps you can take to keep more of the best residents in your Atlanta area rental property? Here are our best property management insights into improving tenant retention.
Don't Raise the Rent Too Much Too Soon
The price you charge for rent is critical to your bottom line while balancing the need to keep tenants happy and encourage renewals. When you have quality tenants, you need to be careful about raising the rent, including how much it goes up and how often you apply increases. Increases are appropriate when the market supports it—and most renters expect it at renewal. However, rate increases need strategic execution without pricing current renters out of your property.
If you're not sure how to go about a rate increase (without sending tenants running for a competitor's rental property), a property manager in Atlanta can help! They have the resources you need for rental market analysis. The best property management team also checks the lease and makes sure it supports a rent increase and the best timing for it.
Make Prompt Rental Property Repairs
Delaying repairs is not only bad for your Atlanta property, it's bad for renter retention! Quality residents look for rental homes that deliver professional repair and maintenance services, especially when they've placed a maintenance request about an emergency or serious issue.
One of the best ways to help tenants feel safe and cared for in your rental is to respond to all maintenance requests in a timely manner. Using quality contractors also helps tenants feel like you care about their safety and the quality of the rental. If you don't have a network of trusted contractors to improve your maintenance services, professional property management in Atlanta can handle maintenance and repairs for you! Prioritizing maintenance is critical to reducing vacancies.
Communicate Like a Pro
Communication is another crucial area that can help with the retention of tenants as a landlord. If you're slow to respond to requests or questions and don't deliver clear answers and transparency, residents can become frustrated and decide not to renew their lease.
Real estate investment professionals need to be transparent and communicate with tenants like professionals. Give plenty of notice before inspections or scheduled repairs and maintenance, answer questions right away, and never leave tenants guessing about essential processes, details, or aspects of living in your rental. When you communicate well, it can lead to positive long-term relationships between you and your tenant.
If you struggle to keep up with tenant requests (or complaints) or don't have a communication system that works well, a property management company can handle resident management. They're available to take calls and requests from tenants 24/7 and keep residents informed.
Get a Jump on Lease Renewals
Letting tenants know about the upcoming end of their lease term (and that you want to renew) helps them plan—and increases the chances that they'll renew! Starting lease renewals early gives you the ability to lock in your tenants for the following year or longer before they start looking for a new place to live.
Getting started 3-4 months before a lease ends also helps you plan! If an Atlanta resident decides not to renew, you have plenty of time to list the property, make thoughtful updates, and find a new renter without a lengthy vacancy after your current tenants move out.
Be strategic with your lease renewal process. Communicate changes to the lease or rental rate, highlight additional benefits that come with a new lease term, and offer incentives for renewing early or committing to a longer lease term.
Partner With An Atlanta Property Management Company
If you're not sure how to navigate all of these recommendations—but your renter retention needs to improve—partner with an Atlanta property management company! They already have systems in place to analyze rental rates before it's time to renew, start renewals with plenty of lead time, and deliver the best maintenance services in the Atlanta GA, area.
Plus, property management companies do not get paid if you have an empty rental property! Your property manager works hard to minimize vacancy times with the best quality tenants in the area. These experts also have staff to turn the property quickly with a quality make-ready process if one tenant leaves and a new tenant is ready to move in.
The Best Atlanta Property Management Company Applies Expert Marketing and Renewal Strategies
Low vacancy rates and high tenant retention are critical aspects of success as a real estate investor! Make sure your Atlanta property doesn't sit empty or suffer from bad residents. Revolution Rental Management is here to help! We apply expert marketing and renewal strategies to help real estate investment owners benefit from better tenants, more renewals, and fewer vacancies. If you need help in this area, reach out, and let's talk!
Learn more about what investors need in the best property manager. Download our free resource, "The Guide to Finding the Best Atlanta Property Management Company," today!