How To Use Incentives To Get Current Tenants to Renew Their Rent

If you speak to an experienced Los Angeles property manager, he will tell that you that finding a quality tenant is one of the hardest things you can ever do as a property manager. Indeed, it is not every day that you find a tenant who is always willing to pay his rent on time and keep to your rental agreement. When you find such a quality tenant, you will do everything in your power to make sure he stays.

Another thing an experienced Los Angeles property manager will tell you is that it cost less to keep a quality tenant than to find a new one. You may think that you have a top marketing technique that will get you the type of tenant you need, but you won’t understand what you are going to face until you enter the market for a new quality tenant.

Besides, every time a tenant moves out, you will need to spend more money to revamp the property. In most cases, you will need new painting and some other works to make the property attractive to the next person. You will be saving your company a lot of time and money when you make an effort to keep your current quality tenant than to lose him.

Trust me, based on our own experience; it could cost you a lot of money replacing a quality tenant. Costs could add up quickly. If a tenant is moving out because of an issue with the rent or because of other problems you can control, you should find a way to settle with the tenant and keep him on your property than to lose him and begin your search all over again.

Below, you will learn about incentives you can use to keep a quality tenant on your property.

Top Incentive Options To Keep a Quality Tenant

1. A Unit Upgrade

One of the best ways to keep a quality tenant is by offering to upgrade his unit. This is one of the easiest ways to get a tenant to renew his rent especially if he is on the fence about renewal.  Speak with the tenant and ask to do a walkthrough of his unit to see what you can do to improve his living condition. A unit upgrade could be as simple as adding a new showerhead or dishwasher. Make sure you keep your promise of upgrading the unit for the tenant.

2. Monetary Rewards

Another way you can keep a quality tenant is by offering a reduction in rent. You can figure out how much to slash from his rent by calculating how much it will cost you to replace him. It is better to lose a little money than to keep the property vacant for months or attract bad tenants that will turn your life upside down.

3. Gift Card

You can as well get a tenant to change his mind about leaving by offering him gift card reward. Offer a personalized gift card that will solve a problem the tenant is facing. For instance, you may offer a free housecleaning service for a tenant with a health or mobility problem. If your tenant owns a pet, you should offer him a gift card for a pet groomer or pet walker.

4. Add Enhanced Security

Improving the security of your property can get a tenant to change his mind about leaving the property. You can do this by adding extra security locks or motion-sensing lights near the doors. Your tenants will have peace of mind and feel secure when they think they have top-notched security. Some of these security features are really inexpensive and will save you from losing your precious tenants.

Conclusion

No experienced Los Angeles property manager will allow a quality tenant to leave without trying to change his mind. It is not easy to find new quality tenants. Always make sure that you do everything in your power to keep a tenant. This will help you avoid wasting money and time looking for a new tenant.