In St. Louis, almost 60% of households rent their accommodation monthly. The city also has very high eviction rates.
The area offers much potential for rental property landlords who avoid unwanted vacancies.
There are ways to sidestep this pitfall of owning an investment property in St. Louis. Consider these leasing management tips to help you find good long-term tenants.
Tenant Screening Is a Good Start
The key to maximizing your investment property is attracting and retaining quality tenants. A property manager can assist with both of these aspects.
First, they'll help you market your property. Property managers know which advertising channels work best for attracting qualified renters.
They verify the information provided in tenant applications and screen each applicant. A property manager conducts these important background checks for each rental application:
- Criminal record
- Employment status
- Credit history
- Rental history
A property manager carries out these checks in line with prevailing Missouri laws. So, you needn't worry about getting into trouble for unfair discrimination.
Well-Maintained Homes Equal Happy Tenants
It's in your best interest to keep your property well-maintained and updated. This preserves its value and limits unnecessary repairs and replacements.
Effective rental property maintenance should include landscaping, routine fixes, and necessary upgrades.
When you take good care of your property, your tenants feel valued. This makes them more likely to renew their leases.
Landlords need to have someone on call around the clock. This person manages tenant queries and emergency rental property repairs.
A property manager fulfills this role.
Property management companies have long-standing industry relationships with local contractors. As a result, they can source the best prices and services for repairs and maintenance.
Communication Is Key for Lease Renewals
Tenant communication ensures transparency and helps you avoid misunderstandings. An online tenant portal works well for real-time communication with your tenants.
Regular property inspections provide opportunities for in-person interactions. They can help you get to know your tenants and address their needs.
Always inform your tenants about upcoming lease renewals, maintenance, and property inspections.
A property manager will assist you with:
- Tenant correspondence
- Routine property inspections
- Query management
- An online tenant portal
They keep records of all these interactions.
Value and Convenience Help Keep Tenants in Place
As your tenant's lease winds down, there are a few extra things you can do to encourage rental lease renewal. Consider offering incentives for lease renewals. Some ideas include:
- A discount on the first month's rent
- Restaurant vouchers
- Savings on gym membership
- A longer lease with reduced rates
One of the best ways to encourage lease renewals is by improving the property.
Energy-saving appliances and upgraded fixtures increase convenience for your tenants. The potential savings may convince them to renew their lease.
Get Help With Leasing Management
Effective leasing management involves many time-consuming tasks for landlords. Hiring a property management company for leasing management makes these responsibilities much simpler.
An experienced property manager is a tremendous help when you own a rental property. Browse our blog for more tips about property management, or get in touch for information.