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Bothell's 4.6 rental vacancy rate may be well below the national average. That doesn't mean there isn't tough competition for tenants in this Washington city, though.
Vacancies are costly no matter where you own rental property, so if you have tenants in your Bothell rental property, you should do everything you can to keep them in place.
Property managers can help encourage lease renewals for your tenants. Read on if you'd like to discover a few tricks of the trade.
Work on Lease Renewals From the Start
Let's face it, no landlord wants bad tenants to renew their leases. So, it's worth taking extra care to find tenants that fulfill their obligations throughout their tenancy.
Comprehensive tenant screening is one way to ensure you rent your investment property to good tenants. An experienced property manager will help you navigate the legal complexities of these background checks.
Once you've found suitable tenants and they've proved their worth, you must focus on keeping them happy throughout their stay. It's too late to try and win them over when their lease is about to expire.
Keep Up With Rental Property Maintenance
Preserving the value of your property is paramount to your success as an investor. Routine maintenance is one way to do this.
Regular maintenance tasks help prevent more serious issues from developing and help you avoid costly repairs and replacements.
If you decide to hire a property manager to take care of your Bothell home, be sure to include property maintenance services in your package. They will conduct regular property inspections to check for maintenance issues as well as infringements on your rental property rules.
These rental property inspections are one way to discover potential maintenance issues. They also provide opportunities to connect with your tenants.
Manage Tenant Relationships
A property manager employs the latest technology for tenant communication and maintenance reporting. These systems help streamline your tenants' dealings with them and foster good relations.
Other ways to enhance tenant relations are allowing a rental payment grace period if they're going through a rough patch, offering to complete a desired rental property upgrade, or installing cost-saving features like solar power.
Tips for Encouraging Lease Extensions
Every tenant is likely to keep their eyes open for a better deal while they're renting a home from you. It's human nature to want to improve your circumstances.
If you've followed the above guide for keeping tenants in place, you should have no problem getting them to renew their lease, but you can consider offering an incentive, like:
- Reduced rental for a few months
- Vouchers from local eateries
- A gym membership
- Attractive upgrades to the property
Hire Bothell's Best Property Management Team
Leaving your property in the capable hands of a property management company is the best way to encourage lease renewals amongst your tenants. These professionals know how to find good tenants and keep them in place.
PMI Equitas is your top choice when you're looking for a partner to help you manage your Bothell property. Get in touch to discuss how our team of experts can help you.
