As Nashville property managers, we’re always trying to create a great rental experience for our tenants. It’s a priority for us because it leads to better tenant retention.
Tenant turnover is expensive for owners, and we want to help you avoid that expense. We also know that turnover can disrupt your cash flow and your consistent rent collection. It leads to vacancy loss, and it often involves expensive repairs, upgrades, and cosmetic improvements. There’s cleaning and marketing to be done. All of which needs to be paid for out-of-pocket because there isn’t any rent coming in on that particular property.
One of the best ways to increase what you earn on your property is to retain your tenants.
Lease renewals are better for business than finding new tenants. You also enjoy more stability and safety for your investment property. The cash flow is more consistent and there’s a growing return on investment (ROI).
If you’re looking for ways to boost your own retention numbers, here are five simple property management strategies that will help you renew your lease agreements with your best residents.