As a rental property owner, your top priority is, of course, renting out your property. Ideally, once a tenant is secured, the tenant will continue to renew the lease agreement for your property. When a tenant chooses to renew the lease, the stress of marketing your property and finding another reliable tenant is alleviated.
If a tenant renews the lease agreement, there will be no periods of time in which your property is unoccupied. In result, you as the property owner will not miss out on any monthly payments. If your tenant proves to be a good fit for your property, their decision to renew the lease will be highly beneficial in maximizing your profits. Therefore, it is crucial to ensure your property is functioning at its best and that a good relationship is maintained with the tenant.
In some cases, your tenant may decide not to renew the lease agreement. This could be the result of a variety of reasons — some having nothing to do with you or your property, and some being preventable. As property managers, we deal with tenants on a daily basis, here are the three top reasons we see tenants have ended past lease agreements.
Poor Maintenance
As a landlord, according to your agreement with the tenant, you may be responsible for the maintenance of your property. Tenants will want and expect the home they live in to be well-maintained. If your property has a maintenance issue or there is a repair that needs to be fixed, you have a responsibility to communicate with the tenant and resolve the issue. If the repair is not taken care of or done poorly, it is both frustrating to the tenant, and a poor reflection of you as the property owner. This can be a major red flag for a tenant and can ultimately make or break the decision to renew a lease agreement. Although you may not see a tenants request as a complete necessity, it is crucial to fulfill the tenants request because every individual has different needs.
Fulfilling maintenance requests on your own may be challenging and more expensive than expected. With the help of a property manager, maintenance and repairs will be included in the services provided. That way, you won’t have to fulfill each maintenance request and repair by yourself. At The Listing Real Estate Management, we protect your rental property investment by providing fast and quality maintenance. We provide tenants with an around the clock emergency maintenance line so that your property is protected 24/7. Maintenance and repairs are serviced by licensed, bonded, and insured local vendors and contractors with no up-charge or additional maintenance fees. Being that poor maintenance is one of the biggest reasons tenants do not renew a lease agreement, the maintenance services provided by a property manager can make all the difference!
Landlord and Tenant Disputes
No matter how beautiful or perfectly located a property is, a poor relationship with a landlord is enough to drive a tenant away. In many cases, the tenant loves the property but feels the landlord is putting them in an uncomfortable or unfair position. When renting your property to a tenant, you have the responsibility of effectively communicating with them. A poor landlord is one that is not upfront and transparent. When the tenant signs a lease agreement, it is their right to have all the necessary information about the property. This can include security deposit information, rent prices, or any known defects in the home. The tenant should not receive any surprises such as a faulty appliance.
In addition, your tenants should be treated with respect. This means you should be responsive and an excellent communicator. A landlord who is unresponsive to requests or complaints can be frustrating for tenants. If the landlord is difficult to communicate with or does not address concerns, it can lead to a lack of trust and a desire to find a new living situation.
If you feel you are too busy or lack the desire to constantly communicate with tenants, property managers are expert communicators and will take on this responsibility. Owning or managing a rental property can be overwhelming. Running a successful rental property in Tampa takes dedication, resources, and time…a lot of it. Property management is a 24/7 commitment. Renting your Tampa rental property doesn’t have to be such a stressful and negative experience. Our rental property management experience, dedication, and attention to detail take the headaches out of owning an investment property. The more effective the communication is and the comfortable the tenant is, the more likely they are to renew the lease agreement.
Rent Increase
The price of rent has increased substantially in Tampa over the past few years. As Tampa rental properties continue to increase in demand, you may feel it’s time to raise the price of rent for your property. When deciding on a price, it is crucial to do your research on the current market trends to ask for an appropriate price. Apartment List can be a good resource to look at when it comes to determining where to price your property’s rent.
Most people living in Tampa are aware that rent is increasing so it will not be a complete surprise if you choose to do so. Some tenants may not be able to afford the rent increase and will need to relocate. However, if you price your property’s rent at a price that is too high in comparison to other similar properties, they may seek other opportunities. Being that other similar properties in the area will be asking a lower monthly price, other tenants may choose those properties and you will be short of a tenant.
It can be difficult to decide the right price for your property’s monthly rent. You want to make sure it is high enough to allow for a profit, but not too high where tenants decide not to renew the lease agreement. Our expert property managers have abundant knowledge and understanding of the techniques and concepts necessary to do so. Our property managers will track your monthly financials and provide in-depth rental owner statements prepared by a professional bookkeeper. Our in-depth, detailed rental owner statements show rental income, expenses, liability, and equity. This process, along with keeping up with rental trends, will allow us to determine the right price and help guide you through the process as well.
Tampa Property Management Summary
If you’re finding that your tenants are not renewing the lease agreements, it may be because of poor maintenance, disputes with your tenant, or rent increase. Managing a property and communicating with tenants on your own can be very difficult, time-consuming, and stressful. Hiring a property manager will alleviate you of these responsibilities and will help retain tenants.
If you are having difficulty retaining tenants, and ready to hire a property manager, The Listing Real Estate Management offers the best property management services in Tampa. Our team works hard to offer the best service through a personal, proactive, and dynamic approach to property management.
Contact us at The Listing Real Estate Management, your trusted Tampa property management company, to take the next step in maximizing your profits and turning your rental property into a unique and life-changing investment!
