Renewal opportunities begin from the moment the tenant steps inside your home. Every day presents new opportunities to win them over for another year.
One key way to sweeten the deal is by offering some sort of incentive to entice them to stay. Property renovations are a big incentive that may sway a tenant to stay. Interior upgrades, such as accent wall paint, upgraded light fixtures or the addition of ceiling fans, seem to double their value as they preserve or increase the value of your asset.
Home features and finishes were the third most important amenities to tenants who were unsure if they were going to renew their leases in late 2013, according to a recent Kingsley survey. Rental rates and location were the first two deciding factors in renewals for those tenants.
Some owners prefer to offer thank you gifts on renewals. Some popular gifts are a one-time complimentary house cleaning or carpet shampoo service. These gifts have the extra benefit of helping to preserve your asset.
If it’s going to cost $1000-$3000 (or more) to turn the home over anyway, why not invest that money into upgrading your investment and keeping the tenant? By investing that money and keeping them, it will ensure you won’t have rent loss and you’ve just increased your property value!
Just a few ideas,
Bonnie Barberini
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.