Wisconsin is an excellent investment choice for potential landlords, with a residential vacancy rate that is lower than the national average. While this makes it a lot easier for landlords to attract tenants, it doesn't mean they can relax when it comes to retaining tenants.
The city has a fiercely competitive rental market, so if you're a Wisconsin landlord with good tenants living on their property, you must do everything you can to keep them in place.
Effective leasing management plays a major role in promoting lease renewals. Read on to find out more about how it works.
Take a Proactive Approach to Lease Renewals
Every tenant considers moving out at some stage of their tenancy. They might have a larger, better-located, or cheaper home in mind from the start, or they might feel uncertain about whether you intend to renew their lease.
Engaging with them early about renewing their lease agreement can set their minds at ease amid ongoing housing shortages. It's good practice to approach tenants about renewing a lease around 60 days before their current lease agreement expires.
If you want to encourage them to stay, offering a lease extension earlier can help you achieve this. Agreeing to negotiate a low rent increase is an excellent tactic for promotion lease renewals, too.
Build Positive Relationships With Your Tenants
Treat your tenants in a way that makes them want to stay in your rental unit.
Clear communication is a great starting point for keeping them content. Listen to their suggestions, give them ample advance notice about rental maintenance, and give them some leeway with their rent payments if they go through hard times.
One way to streamline communications with your tenants is by setting up an online tenant portal. This technology helps you communicate in real-time and allows you to address maintenance and repair requests promptly.
You can also make your tenants feel appreciated and valued by offering them a 'thank-you' gift if they renew their lease agreement. This could be something small, like a meal voucher, or more significant, like a desired upgrade to the rental property.
Practice Efficient Property Maintenance
According to Milwaukee local regulations, landlords are responsible for keeping their rental properties in a habitable and safe condition. Beyond the legalities, keeping your home well-maintained limits inconvenience to your tenants and keeps them content.
Happy tenants are more likely to renew their leases. Set up a maintenance schedule to ensure you stay up-to-date with routine maintenance and attend to repair requests immediately.
Always provide your tenants with at least 24 hours' notice if you plan to carry out maintenance or property inspections. This common courtesy goes a long way toward encouraging positive landlord-tenant relations.
Hire Local Leasing Management Experts
Performance Asset Management is the local Milwaukee expert for reducing rental vacancies. Our comprehensive property service ensures we find the best tenants and keep them in place.
We can manage every aspect of leasing management for your properties, from marketing to evictions, and we are dedicated to perfecting the finer details related to your rental units.
Discover peace of mind by getting us on board to help you with your Milwaukee investment properties.
