Reliable tenants can significantly improve your experience as a commercial property owner in Florida. As tenants near the end of their lease agreements, you might wonder what you can do to encourage renewal.
Knowing some helpful strategies can increase the likelihood of having long-term tenants.
Communication
Communication is a critical part of your ability to build sustainable relationships with your tenants. The level of involvement you have in a lease will depend on the type of agreement you have. Some terms require more involvement than others. According to Indeed.com, some types of lease agreements include the following:
- Single net where tenants front rent and property taxes
- Double net where tenants front rent, insurance and property taxes
- Triple net where tenants front rent, insurance, property taxes and maintenance costs
- Gross lease where tenants only pay rent and you front all other costs
Regardless of the type of agreement you have, communicating regularly with your tenants can build rapport and encourage compliance. When they know they can rely on you they might be more likely to stay.
Credibility
Tenants seek landlords who have credibility and maintain a trustworthy and fair approach to leasing property. Invest in the area around your commercial building. Look for ways to improve its appeal and accessibility. Maintain competitive and affordable rental agreements. Extend the length of lease agreements. Refrain from terminating any agreement without prior discussion or without a valid reason.
Building credibility with the tenants that rent from you might increase their desire to renew their lease agreement. Your effort to develop positive relationships can improve the success you enjoy as a commercial property landlord.
