Decent tenants- those who take good care of the unit, who pay their rent promptly, and who adhere to the lease agreement- are hard to find and consume a lot of time. Thus, keeping them is a smart move to keep your business on the go. A tenant turnover could hurt your profit and also your reputation as a rental property manager.
The real estate business in Dubai is flourishing more and more every year. In fact, a great deal of Dubai real estate agencies has already surged up. Top real estate brokers in Dubai are quite successful in attracting tenants or customers to rent and buy off plan properties in Dubai.
From studio apartments to peenthouses in City Walk apartments to 1-bedroom and 2-bedroom condos and luxurious villa, Dubai tenants have a lot of options to choose from.
That’s why it is important that you make a strategic plan to entice your tenants to stay with you.
Here are some of the renewal incentives that your tenant would want;
- Reduce their rent expenses
According to one survey, tenants prefer a monetary incentive for their renewal agreement, with the most popular as a rent deduction. You could also entice them by presenting a one-month free rent or you could cover the tenant’s other expenses such as free gym membership, parking fees, internet fees, etc.
- Have an upgrade on your property
One effective way to allure your tenants into signing the deal is by improving the unit. After some time walls, carpets, sofas, and other stuff would start to look shabby, thus making your tenant a bit hesitant to renew their lease. Therefore, it is practical to have the floors, kitchen, toilet, etc. refurbished.
Other tenants would also prefer to have newly painted walls to give a new aura to their rented place. It would also be effective to buy a new and advanced set of appliances such as dishwasher, dryer, microwave, and other equipment that is needed in the house. An upgraded home would fascinate and entice your tenants to stay and renew their deal.
- Good and Professional customer service
The best way to make your tenants stay is a superb and professional service. It is very difficult to stay or rent in a property when there is a cold war between the tenant and the landlord or the rental property management company.
It is best to think of ways to give high-quality customer service to your tenants like having a 24/7 friendly customer service where they could easily call in case of any problems, or a regular safety check on the property. That way your leaseholders will feel secure and well-attended. After all, a good relationship is what keeps people.
- Shower them with gifts
Although some are not convinced with gift-giving, it may be effective for others. Giving them gift cards to local shops, a new gadget perhaps, or an appliance may entice them to seal the deal.