As someone who offers short-term rentals, you know that making money depends on having people in your units. It’s also a fact that corporate tenants tend to stay for a shorter period than someone who signs a traditional lease. This could seem like it will lead to a lot of downtime between tenants and higher than average turnover, but it doesn’t have to be. Following a few steps will help you extend your leases and ensure you have corporate tenants at all times.
Offer Early Renewal Services
Whether you rent to an individual for a few months or have an agreement with a corporation, the worst thing you can do is to wait until the rental contract is expiring to ask about potential renewals. Waiting this long to renew your short-term rentals may mean the tenant has already found somewhere else and won’t be interested in negotiating new terms to their current agreement.
Use a Property Manager
Many renters are willing to pay more for short-term rentals because they know they get a better value than with unfurnished properties. They get a place that is ready to use, as well as top amenities and a great location. However, without a property manager, issues can arise. A great manager will make sure emergencies are handled quickly and the property is well maintained. All of these things appeal to tenants and make them more likely to renew a lease.
Provide Renewal Incentives
When you have tenants who stay a few weeks or months, not all of them will want to renew. Some might be moving back to their traditional homes or looking for long-term housing in your area. But when it comes to renting to corporations, longer agreements can often be negotiated. When you want to renew with a large account, incentives and give you an edge. Even things like a small discount can keep your short-term rentals booked.
Show Them Your Home is a Great Value
Whether you work with corporations or individuals, let people know why you are worth renewing with. Show them information about the area’s rental market and what amenities are available when staying at your property. This shows them that they can save money over other options and get a great deal of value at the same time. When you use all of these methods with your property business, you’ll have a better chance of getting people to renew.
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