The numbers are in and the predictions are being made: the next year is going to be a rough one for the Dallas-Fort Worth rental market. Falling demand has meant that rental yields are almost certainly going to fall in 2024.
There are, put simply, more apartments than tenants, and fewer people are moving to the area. All of this means that your top tenants - the ones that are loyal, pay the rent, and fulfill their own side of the bargain - are going to be gold dust this year.
So, how do you hang onto your best tenants? It's all about good leasing management. Read on to find out the essential tenant retention tips that your investment property needs for 2024.
Be On the Ball
A responsive landlord is a successful landlord. Building relationships with tenants requires you to respond to any and all requests in a timely and professional manner. This applies especially to maintenance requests, which should always be addressed on the day, if possible.
You wouldn't expect an employee you are paying to not reply to work requests or drag their feet. As such, there is no reason that a tenant who is paying you should have to wait for repair work to get done.
Be Fair and Flexible
Flexibility will become an increasingly prominent feature of landlord-tenant agreements in 2024, as competition for good tenants heats up. This means that you should consider being less rigid with the rules. Perhaps it's time to consider making your property more pet-friendly, for instance.
Perhaps you should review your rules to ensure they are reasonable and do not simply serve to lower your own obligations as a landlord. With the right rules, you'll keep the right tenants.
Be Proactive with Renewals
When it comes to good tenant relations and retention, never leave your lease renewals to the last minute. We recommend getting in touch at least 90 days before the lease expires to ask your tenant if they wish to renew.
This gives you plenty of notice, lets you know what they're thinking, and gives you time to advertise the property elsewhere if needed. If they are on the fence, you can use this time to consider renewal sweeteners, such as a month's free rent or some new amenities.
Give Them What They Want
You don't need to turn your single-family home into a luxury concierge penthouse. However, you should be smart about the amenities you offer, and direct your resources so that you are actually delivering services tenants want. This might mean focusing on functional, up-to-date appliances, rather than a home gym.
Giving tenants amenities they actually want means getting to know them. For this, you might want to hire a property manager who can help you screen and better understand the types of tenants that will want to rent from you.
Expert Leasing Management Services in Dallas Fort-Worth
Leasing management is all about relationships. It's about knowing what your tenants want, what constitutes a "good" tenant, and how you can keep them in your property for longer. For all of this and more, we are here to help. At PMI Premier, we have extensive expertise in attracting, retaining, and serving tenants in the Dallas-Fort Worth area. Get in touch to find out exactly how we can help you today.
