Rental leasing is when one party presents a contractual agreement where another party agrees to rent a property. Leasing is only one aspect of tenant relations, or when landlords sustain a positive relationship with renters.
Tenant relations involve all aspects of the landlording and renter experience coming together cohesively and functionally. If one aspect is off, everything else doesn't work.
Below, we explain what can cause a poor renter experience and how this lowers lease renewals. Read on to learn more.
Skipping Tenant Screening
Vacancies aren't great, but you know what's worse? Rushing to fill empty properties - largely because it may not help increase rent collection.
That's because tenant screening helps find renters who'll pay rent. These screenings check references, rental, and eviction history. They also check credit reports, criminal history, and employment history.
Never choose tenants based on your gut feelings. Picking renters because you're short on time is a terrible idea. If you can't dedicate time to screenings, find someone else to do them.
Drafting Poor Rental Leasing Agreements
What protects landlords and renters are clear and concise lease agreements. These contracts must outline the rent price, what happens if tenants don't pay rent, and penalties for nonpayment.
The lease should also clarify:
- Procedures for rent collection
- Landlord and tenant responsibilities
- Landlord and tenant expectations
- Procedures for maintenance and repairs
- Details for handling dispute resolution
Renting to someone without a lease or the wrong lease can confuse and annoy tenants. It makes evictions drawn out and costly.
Worse still, it can lead to legal complications. Be safe and have a local attorney draft a lease or use an online legal document generation tool.
Ignoring Maintenance Issues
You might wonder what tenant screenings and bad rental leasing agreements have to do with tenant relations. Remember, every aspect of leasing has to do with the tenant experience.
Skipping screenings can set you up with disruptive tenants. Bad rental agreements may irritate renters. Ignoring maintenance issues is probably easier to figure out; no one wants to live in a broken-down property.
Prompt property maintenance helps prevent larger issues. It keeps renters happy and mitigates legal issues. Remember to do routine inspections, they'll help you spot problems before they worsen.
Setting Unrealistic Rental Prices
Overpriced rentals destroy would-be lease renewals and drive away potential rentals. Research fair market prices in your area and account for location and amenities.
Asking for market prices is not the best way to price your rental. Their properties could be overpriced. Search the local real estate market to see what's being rented and what's not moving.
Getting Rental Leasing Right
There are many mistakes landlords make when it comes to rental leasing. Skipping tenant screenings are two egregious ones.
Drafting poor rental agreements, ignoring maintenance, and setting unrealistic prices also destroy tenant relations. These missteps alienate potential renters and reduce lease renewals.
PropM Inc. can help you avoid this. Our sole focus is enhancing the renter experience and delivering excellent results.
PropM Inc. offers year-round and emergency after-hours support. We're available day or night. Reach out and start improving your tenant rental experience.
