Establishing passive income opens up countless opportunities, such as the ability to retire early and invest in other endeavors. Owning real estate is one of the best ways to do so since you'll have continuous income from your tenants.
This is especially true in Atlanta due to its population density. To ensure you can reach your goals, it's essential to have a plan to maximize tenant renewals.
We've put together a brief guide with the key information you need to know. Let's explore how to increase your rental income through additional lease renewals.
Start Early
The earlier you propose rental renewal to your tenants, the better chance they'll stay at your property. It's best to notify them at least six months in advance to give them enough notice. Many landlords make the mistake of waiting 30 to 60 days before the rental agreement expires to take action.
Listen to Tenant Feedback
When your tenants feel heard, you'll substantially increase how comfortable and happy they are when renting from you. For instance, one of your tenants might have maintenance issues they need you to address.
It's essential to take action as soon as possible in these circumstances, especially if the problems pose a safety threat. Plumbing issues, for example, could cause major complications (such as mold growth) if left unchecked.
Don't hesitate to make adjustments that will increase your tenants' quality of life as well. A great example is switching the home's old light bulbs to smart bulbs or energy-efficient lights.
Maintain Your Properties
If your properties are poorly maintained, your tenants won't have much incentive to stay. Consider making hardware upgrades and other improvements to make your homes more enticing to live in.
Even something as simple as redoing your home's exterior can make a strong impact. Many people are deterred by the upfront investment property renovations require. It's worth noting these will add value to your home and make it easier to sell in the future.
Imagine upgrading your bathroom and kitchen hardware before putting your home on the market. Chances are you wouldn't have an issue finding a buyer. Keep this in mind when moving forward so you can make the best decisions for your situation.
Stay Accessible
One of the best ways to improve your lease renewals is to stay as accessible as possible to your tenants. They should have no trouble getting in touch with you via text, email, phone call, etc. with questions or concerns. If they aren't able to get a hold of you, they'll be much less likely to stay at your residence.
Maximize Your Lease Renewals
Taking your lease renewals to the next level can allow you to substantially increase your rental income. The information in this guide will help you make the best decisions for your needs. Just be sure to work with the right property management professional.
PMI Atlanta West offers premier real estate asset management services to our clients in Atlanta. We use contemporary technology to provide full transparency into key performance metrics. You'll learn more about how we can help when you schedule a consultation today.
